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There is no specific number of minutes that is considered "a bit late."
A signed 16 bit number can represent the decimal numbers -32768 to 32767.
To calculate the decimal value of a bit string: Number the bits from right to left 0 - n. Starting with a decimal value of 0, add 2^(Number of that digit) for each 1 you see in your bit string. The sum is the decimal equivalent to the binary number.
No, 0110101 is a 7-bit binary number. In an 8-bit binary number, there would be 8 digits (0s or 1s) representing a total of 256 possible values (2^8). The given number has only 7 digits, so it falls short of being an 8-bit binary number.
It is stretching it a bit, but it could be argued that every number has a magnitude and a sign.