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Time does play a role in normal machine learning datasets. Predictions are made for new data when the actual outcome may not be known until some future date. The future is being predicted, but all prior observations are almost always treated equally.
Linear Regression is a machine learning algorithm based on supervised learning. It performs a regression task. Regression models a target prediction value based on independent variables. It is mostly used for finding out the relationship between variables and forecasting.
In machine learning and statistics, classification is a supervised learning approach in which the computer program learns from the data input given to it and then uses this learning to classify new observation. Classes are sometimes called as targets/ labels or categories.