A quick introduction

My college semesters include a 8 week project working for an actual company with a software need in order to get some much needed practical experience. I have just started such a project with 5 other students. We're required to spend roughly 40 hours a week per student on this project. We're working with SCRUM as the software development method, this was assigned by our teachers.

The question

Day one of the project just ended which has created some questions for me as to how to start a project in the 'real world'. Our first day included working on a project planning document (not sure what the English term is), creating a appointment with the company for an introduction and the opportunity to start specifying the requirements and setting up some standards for the behavior within the group.

However these items didn't take that long to finish. We've made some concrete plans for tomorrow and the day after we'll meet the company. This still leaves several hours of 'work-time' unspent. Is it usual not being able to fill every hour of a day for work at the start of a project or are we simply too inexperienced to see what work needs to be done at this stage of a project, or are we, perhaps, going through the above list too fast?

How does this work in the 'real world'? Do you spend your time wondering 'what should I do now', or do you have a clear view of what you're supposed to do at that moment?