The standard toastmasters meeting is composed of three parts: The Business meeting (about 15 minutes), Educational portion and the Evaluation portion.
The business meeting is where various tasks like bill paying that are necessary to keep the club running are taken care of. But since Toastmasters never does anything with out at least two reasons this is also an opportunity to learn about running a meeting. Ever want to attend a town meeting or address a committee? This is where you can painlessly learn the procedures that make you look like an expert.
The various parts of the Educational portion of the meeting are described on the page containing the agenda for the next meeting.
This is the portion that makes Toastmasters unique, the opportunity to receive immediate feedback. This is composed of the General evaluation of the meeting and the speech evaluations. An experienced toastmaster member is selected at each meeting to give an opinion on how the meeting was run (was it on time, did the Toastmaster for the night explain things well, ec). The General evaluator also assigns for each person giving a prepared speech an evaluator to tell the speaker what the audience saw. Not only does the speaker learn how effective the speech was but the evaluator gets practice in attentive listening.
The General evaluator also calls for several reports. The Wordmaster counts how many times each person was able to use the word of the night. The ah counter gently reminds the club how many tiems we slipped up and used the annoying space filler words like 'ah' and 'um'. And the Timer tells people how well they noticed the passing of time during their speechs.