First thing first, welcome!
Painting, and model-building in general, can be as simple or complex as you want to make it. It's a personal decision. You will see pictures of numerous fantastic, beautiful builds on the forums here. On some of them, people pull all stops and spend a lot of time, money, and effort to achieve the end results, while other people just do the basics and build OOB (out of the box). My point is, do what makes YOU happy, and not what you think others expect or want.
MusicCity and tho9900 covered the basics well. The only things I will add are that Testor paints are fine for what you need. My guess is that they are enamel (check on the bottle to be sure), and if this is the case then no thinning is needed for painting by brush.
You might want to consider using a spraycan for this model, assuming you don't have an airbrush. I don't do modern jets, but I'm guessing the F-16 is a single exterior color and if so then a spraycan well serve you well and the exact or a close color is probably available (I'm sure someone can correct me if I'm wrong). A spraycan will give you a much better finish than brushing, especially for a beginner. The main thing you want to remember about a spraycan is to not spray too close to the model and to not try and paint the model with one coat of paint. Spray a light, thin coat, let it dry, then another couple of light, thin coats until you get the coverage you want. Otherwise, the paint will run and drip. Spraycans give out a lot of paint at once, so it's easy to apply too much.
Thinning paints is usually necessary when you airbrush, but not when using a paintbrush (you'll notice the caveats: "usually," "rarely," etc....there is little that is 100% in this hobby!)
MusicCity filled you in on priming. It's usually (here I go again!) reserved for airbrushing, especially when using acrylics, or when you use fillers to fix seams and blemishes on the model. If it were me (and this is just my personal feeling), building a model for the first time and either handbrushing or using a spraycan, I wouldn't worry about fillers and priming at this point. I would use my first model as a learner for the basic assembly, glueing, and painting, and then move on to more learned tasks! Then again, I don't know the cost of a Tamiya F-16 off the top of my head, but if it's a rather expensive kit (all relative), I might first practice my skills on an inexpensive model in which any mistakes aren't as upsetting or critical.
But as I said at the beginning, the main thing to do in this hobby is to have fun.
Mark