Yes, typically you go from positive terminal, to the short leg of the photodiode, and from the long leg of the photodiode, into a resistor, and from that, back to the battery. You tap your output off between the photodiode and the resistor, and run that to your soundcard or whatever. The value of the resistor determines the sensitivity of the thing, so using a pot is a good idea. If the resistor is small, very small voltage will be developed when the photodiode is illuminated even with a bright light. If the resistor is very large, the full battery voltage may be developed even in room lighting, and the voltage will never go back down to zero.