I had to Google a picture of one of these little guys to see what they were. Hmm, with 3 shutter speeds, a flash shoe, and what looks like a release cable receptacle on the shutter button, its almost
sophisticated compared to some toy cameras! Congratulations on your purchase, and have fun with it!
What to expect? Well the images will likely be on the blurry side nearer the edges but could be surprisingly sharp nearer the center, especially at f/16 which is probably it's sharpest aperture. At f/6.3 the image may be somewhat more challenged for detail everywhere in the frame. Vignetting (darkening around the edges) could be anywhere from very strong (and beautiful!), to almost nonexistent, depending on the camera design. Light leaks are a strong possibility too. Another thing to expect is that the viewfinder may may give you a substantially narrower view than what appears on the film. And as for focus - if the camera allows you to focus at all - don't expect any distance markings to be especially accurate.
As for the shutter speed, 1/50th second would probably be a better guess than 1/500. At least that is more typical of most of the toy cameras I have heard of or used. It could be considerably slower too since the shutter springs tend to lose their tension over time. If so, controlling blur due to hand-shake may be challenging. If you can get a handle on what the shutter speed actually is, you may want to choose a film speed so that the smallest aperture (f/16) is appropriate for sunny conditions, thus maximizing how dark the conditions are you can still shot in before having to go with faster film.
You might want to make a quick check of the camera first and see if the aperture settings really change anything, and also verify that the shutter works and isn't sticking open or closed. Not that everything has to be perfect mind you, but it is disappointing and not so much fun, to have an entire roll come out blank.