Doesn't it beep when it is getting good continuity?
It will beep when the circuit is shorted or closed.
A example of a shorted or closed circuit would be a good fuse or a light switch in the ON position. That is when the meter would beep.
If that same fuse is bad the circuit would be open or if the light switch was in the OFF position it would be open and the meter would not beep.
A even simpler example would be to just put the two meter leads together.
When the two meter leads are touching the circuit is shorted or closed and the meter will beep.
When the meter leads are not touching the circuit is open and the meter will not beep.