C# 2010 using iis

Question

This is the first time I am working with a C# 2010 web form application that runs on iis 7. I would like to know what the directory path difference is for local iis versus iis pointing to the root directory

Is the reference for:

a. local iis look like http://localhost:4040 where 4040 is the port number? or is the path http://localhost/sup  where sup is a directory path?

If I am wrong, can you tell me what the directory path is for local IIS? Also can you explain why that is directory path to use?

b. Can you tell me how to refer to the root directory for the web form application in IIS 7.?