Range is how far a weapon's damage will stay consistent until its Damage begins to drop. The farther the range, the less damage the weapon will deal. A common misconception is 1 range point is equivalent to 1 meters of range. That is false. Also, as the range increases, the weapon will decrease in accuracy.
Sniper rifles by trait have the highest range while shotguns, submachine Guns, and all Secondary Weapons have the lowest range of all weapons.
The binoculars, commonly referred to as binos ingame, can measure whatever the object's distance is that the user points the binoculars at. The person who posses the binoculars is also the squad leader. The object's distance will appear in increments of meters.