Note values are the length that a certain note is played for. There are 5 main values of notes, Semibreves, Minims, Crotchets, Quavers and Semiquavers. Here is a chart that shows more information relating to each note value and how long they are played for.
When looking at 'Prelude', In the first bar, in the treble clef there is a quaver rest (1/2 a beat) followed by six semiquavers (0.25 + 0.25 + 0.25 + 0.25 + 0.25 +0.25 = 1.5 beats) and then a semibreve (four beats) this is easy to spot because it is round and doesn't have a stem next to it.
At the beginning in the third bar there is a minim (2 beats) in the treble clef. We know this because it is hollow. After the minim, there is a quaver rest (1/2 a beat) followed by six semiquavers (0.25 + 0.25 + 0.25 + 0.25 + 0.25 +0.25 = 1.5 beats), just like the first bar. In the bass clef, there are constant quavers (half a beat) from bar two all the way until beat four in bar seven. We know this because the stem has a tail attached to it.
How many other different types of note can you identify?
Without note values it would be impossible to play the correct rhythm for any music. The note value shows how long a note should be played for, and without them music would be chaotic.