What does Earth take one year to do?

Can you clarify for me what exactly it means when we say that the Earth takes one year to do something? Is it referring to the rotation of the Earth around its own axis, or is it more related to the revolution of the Earth around the Sun? I'm assuming it's the latter, given the context, but I'd like to ensure my understanding is accurate. Essentially, I'm wondering if this question is asking about the period of time it takes for the Earth to complete one full orbit around the Sun, marking the passage of one year.