500K refers to the resistance of the potentiomter (AKA a 500K variable resistor). I think your kit should have come with two capacitors, but no fixed resistors.
I think most kits come with "log" or "audio" pots that are generally used for volume. The tone pots are generally "linear," although a number of folks (me included) tend to use audio pots for all positions.
You may be able to tell just by looking at a stamp on the top back of the pot what type you have. If it has an A that's for Audio, B is for linear. It may also give you the value.
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