The trick is to look at the little triangle on it and figure out which way it's pointing
Blue will always point towards the block it's connected to (I.e. Input)
Red will always point away (I.e. Output)
You can tell if the red is extracting items itself as it will be a bright red instead of a dull red
EDIT: Yes it matters if the machine can only output, but you don't need to power the output, just so long as it's not blue.