Like the practical study of piano, music theory is studied in grade levels which can then be tested by examination. Most students find the study itself extremely helpful, if a little less exciting than actually playing an instrument. Adult students tend to enjoy adding theory learning to their piano studies as it answers a lot of questions about what is seen on the score.
Generally studied in short units it involves definitions and explanations and then written completion of examples. Like method books, there are many publications available and many books follow the various examining board requirements. There is generally a grouping of what constitutes the 'necessary' concepts at each grade level.
I have chosen to use a studio licensed product 'Printable Music Theory Books' by The Fun Music Company Pty Ltd. Books are immediately available in the lessons and students are invoiced for theory books at a reduced cost.
Younger beginners complete worksheets more appropriate to their age and stage of learning. These also reinforce music concepts covered in the lessons.