Yes, 16/4 means 4 separate wires, each 16 gauge, bundled together in one jacket. Yours may be 14/4 or 18/4 but most homes seem to pre-wired with 16/4.
16/4 is just a convenient way to run the wire for a pair of speakers. Since each speaker needs a positive and a negative, the 4 conductor wire will handle two speakers. If there are 4 conductors they will be red, black, white, and green.
So...you'd use one pair of the four for the left speaker and one pair for the right speaker.