Translation:Are you wearing a ring?
I think as the lessons progress, the authors seem to be showcasing more and more of the contextual fluidity of the language. That is one take.
However, a native speaker has told me that this sentence is actually more equivalent to "Are you putting on a ring?", to pin point another poster's point that it is actually the present progressive.
To highlight the context of someone already wearing a ring (not in the act of putting it on right now) you would simply use the past tense of the same verb.
When you say "Thanks", where does the "you" come in? It's implied. When you say "Go there", or "Study hard", the 'you' is again implied.
In most Asian languages, this implied 'you' occurs more frequently and across more types of sentence constructs. That's all.