Yes, 500ohm resistor is there in case light bulb burns out.
An alternator is pretty much like an electric motor used in reverse, so if you don't turn it off when engine is off it will draw power from the system.
The battery light or amp meter circuit is what turns on or off the alternator, it is on a key controlled circuit.
The light circuit causes the bulb to light up when voltage is below 13volts or above 16volts.
So when you turn the key on battery light should come on, battery voltage is below 13volts.
When engine is started alternator provides 13.6volts to maintain battery's 12.6volts, or up to 15volts to recharge battery after starting.
The voltage regulator in the alternator(or external) is what decides if output voltage of alternator is +1volt or +2volts over battery voltage, target voltage is 13.6volts, this maintains a battery's charge, above this voltage will damage the battery over time, the recharge after starting +2voltage should only last a few minutes.
As you turn on electrical devices, fan, headlights, ect..., the system voltage drops below 13.6volts so regulator increase alternator output to maintain 13.6volts.
The 13.6v number is not exact, it is based on battery condition, new battery would be 12.8v, old battery 12.2v, regulator sets +1v, when voltage with engine running gets down to 13.2v, old battery, you might see the Battery Light start to flicker at idle or come on steady when headlights are on.
You can switch to a "one wire" alternator, and just use a dash mounted Voltmeter to monitor system voltage, digital volt meters look cool
.
"one wire" alternators don't need the external on/off switch, they turn on via an internal RPM monitor, and turn off when alternator RPM is 0.
Makes for a cleaner wiring harness.