I have installed Linux distribution. Do I need to set root account or the user account is enough?

I have these credentials that I am using for logging in with my Linux distribution (Ubuntu 13.04) when starting the computer:

james
myawesomepassword123

I type the password on the login screen and I am in the desktop.

Then also when I am installing something from ubuntu center I need to type this password (or when performing something using sudo etc.

My question is:

Am I giving the program and installation root access by providing my password associated with my account?

I mean if I should set some root name and password to protect my Linux from malware etc.