"Time's up" means that it is the end of a certain period of time. This can be used for games, tests, or meetings when a certain amount of time has been given and it is now over. It's like when you have a puzzle to finish and your mom tells you that you have 10 minutes to complete it. When the 10 minutes are up, she will say "Time's up!" and ask you to stop working on the puzzle. It's important to pay attention to time's up so you can finish things in the time you are given.