Asking time at the bus stop.
What is the correct way to ask about the time from another person, say, at a bus stop? is it something like "Have you got the time?"

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Hi Anna, yes that's right. You might want to ask an indirect question though if it's a stranger. It would be more polite to say, "Could you tell me the time please?".

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Most people would either say "could you tell me the time?" or "do you know what time it is?"

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"Have you got the time?" is ambiguous, which is why it can be a good idea to avoid using. It can mean 'have you got some time to spend (with me)". A cheeky person might answer "Yes, if you've got the inclination".
John's suggestion of 'Could you tell me the time please?' is good, but there are a few other options, such as 'do you know what time it is?' - again, a cheeky person might just answer 'yes!' to that one. 
These days, that question is getting quite uncommon, as most people have a phone with the time on it.