If you are really new to the guitar you might wish to skip this exercise for now and just use this page for reference if you need to know the name of a note.
This is a great exercise to learn where all the notes on the fingerboard are located. It is very useful to know this because it helps with finding chords and scales, moving licks to other parts of the neck and working out your own chord names. For the example below we will use the note C, but you should practice all the notes.
You will need to know your Note Circle too to make sure you know where the sharps and flats are!
Find A Note
Start by playing C on the 6th string (8th fret) then on the 5th string (3rd fret) then on 4th string (10th fret) and so on up to the 1st string and back down to the 6th. Then go on to the next note (F) and do the same thing.
A good starting speed would be 40-60 bpm (one note per click), and a target speed would be 160 bpm.
Be careful to follow the rules closely so you spend your time learning the best way that you can.
As well as learning the notes it will help you jump around the fingerboard. Hint: use the dots, they can really help.
There are other exercises for learning this skill in my book Practical Music Theory, available from this very site, and a very worthy investment in the knowledge department - check out the reviews on the forum!