Hey Radius,
I'm also learning as I go here, and I'll ask the more experienced guys to call out any mistakes i've made in this post.
Yes, this does refer to the EQ you have on each individual track. Generally speaking, you will use an EQ on almost every sound (if not every sound) you have going in your tune. The amount of work you will do within the EQ can range from very subtle (+/- 0.1-3 dB) to very drastic (10+db) depending on what sound you are working with. You may want to accentuate a particular set of frequencies in a sound (ex: boosting the highs a little bit in a bassline to give it more crispness would be 1 of a million examples) (see the first couple of posts in this thread about different frequency ranges, i found them very helpful).
You may also have more than 1 EQ in any particular sound's effect chain, especially if you have added effects that change the sound substantially. This is not mandatory in any way, and is very circumstantial. Experimenting will help you learn what does/doesn't work on a case-by-case basis.
One thing i will strongly recommend avoiding is putting an EQ on any bus channels until you are very near the end of your tune creation process. Fix the sound at the source, not at the end of the chain.
There should be no need to EQ your final output at all. This happens in mastering, as others have said before me.
With respect to the mixdown process, EQ-ing a sound well can make all the difference in the world because you can "place" the sound into your song's mix. It helps you achieve overall clarity in your tune.
That's what I've got, I hope this is helpful.
Welcome to the world of production!