Some people get confused or even cheated when it comes to the difference between a 15mbps and a 10mBps internet connection.  The 10mBps is actually 533% faster.  Here's why:

1 bit  = 1 bit (Single transistor or other bit carrier that can be a 1 or a 0)
4 bits = 1 nibble (Four carriers)  (Rarely used.  Most don't even know it exists)
8 bits = 1 byte (You get the point)

Acronyms for bits and bytes are discerned by capitalization.  The acronym for a bit is a lower case b.  Bytes get a capitol B.  The prefixes used as multipliers to said bit or byte are usually upper case. 

Prefixes
    Terra = Trillion
    Giga = Billion
    Mega = Million
    Kilo = Thousand

Example:
1 Kilo-bit  = 1,000 bits  [Shorthand->  1Kb  ]
1 Mega-Byte = 8,000,000 bits or 1,000,000 Bytes  [Shorthand->  1MB  ]
3 Giga-nibbles = 12,000,000,000 bits  [Shorthand->  3Gn  ]

Simple as that.