TPS? Rev Limiter?

Feb 11, 2001
i saw this thing wired on the side of my CV type carb. it is like a cap wired down from the bike. when i unscrew this cap, i can see a protruding slot. this slot is linked to the butterfly valve inside the carb. whenever i twist the throttle, the butterfly valve opens and i can see the slot turns. when the slot turns, i suppose it will send signal to the bike. is this thing called (TPS) Throttle Position Sensor? what does it do? any pros and cons of this thing? what is a rev limiter?