Я носитель английского. Alexsms абсолютно прав.

what time do you make it? - правильно, но это британский вариант.
what time do you have? - правильно
these questions belong to people when you sure they have a watch. Да
and the following questions are correct too when you don't see whether they have a watch or not. Да.
 Have you got the time? правильно
 Do you have the time? правильно