True or false? A playhead position set at 00:00:07:14 indicates the time is 7 minutes.

The playhead position set at 00:00:07:14 indicates a time of 7 seconds and 14 frames, not 7 minutes. In timecode notation, the format is Hours:Minutes:Seconds:Frames. Therefore, the first two digits (00) represent hours, the next two (00) represent minutes, the next two (07) represent seconds, and the last two (14) denote frames. Since there are no minutes in the indicated timecode, it confirms that the statement is false. Thus, the correct response accurately reflects the understanding of timecode and its structure.