If you are referring to a Chevrolet truck rather than a GMC truck:

There is an input post on the fuel gauge for the power-in (positive lead) lead. The other post goes to the sender.

Yes, it matters which post you put the power to - if you choose the wrong post, you'll fry the gauge.

There might be a warning tag around the input post on the fuel gauge.

The sender grounds via the tank (but, some people run a ground lead from a sender attachment bolt to a clean ground-point).