Is it OK to be just sitting around?
As a first year analyst, if I am not assigned a task what exactly should I be doing? I feel like my superiors (associates and VP's) are working on assorted tasks, but I really have nothing to do. Should I be asking them if they need anything? How often? Or do I just leave them be and goof off on my computer until they or anyone else asks me for something?
You should ask for work. Be proactive or it'll come back to bite you in the ass later.
And if I ask and they say, "no, nothing" just hang out?
Your goal as an analyst should be to learn as much as you can and then get the fck out. If you cant find an old model to break apart and rebuild at least read the news and stay apprised of things going on that are relevant to your group.
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