Yes that looks right, I can confirm Win7 will make two files, one with the windows system data, and one .exe (named your PC name)to restore your documents.
The size of the backup has to do with what you have on your computer and what you told the back up to save. 
Default settings will save all documents and, programs with a WindowsImageBackup.  So if your internal drive had 350 gigs taken up that is the about size of the backup, unless you change the settings.