Is there time given in the listening test to read the instructions and questions?
Yes, in both the paper-based and computer delivered exams, there is a break in the recording before each section so that you can read the instructions and questions. The length of time varies but is usually up to 30 seconds.
In addition, remember that in the paper-based test, test takers write their answers on the question paper as they listen and at the end of the test are given 10 minutes to transfer their answers to an answer sheet.
You can get more information about the timings of the computer-delivered listening test here.