16 feet/second is the speed. To know the velocity, you would also need to specify the direction in which the object moves.
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By the Way, guys, this is based on the equation H= -16t2+vt+s
At any time 't' seconds after the ball is released,until it hits the ground,h = 5 + 48 t - 16.1 t2
If the ball was dropped from a roof and hit the ground 3.03 seconds later, then when it hit the groundits velocity was 29.694 meters (97.42 feet) per second (rounded) downward.
Feet per second is a unit of velocity, but not necessarily the same thing. Velocity could be in meters per hour or feet per second could be a measure of speed, which does not take direction into account, as velocity does.
Its speed is 6 feet per second. Its velocity is 6 feet per second in whatever direction it's going.