Bit actually stands for B inary D igit. Eight of these 1's or 0's make up a byte. A Megabyte is actually 1,000,000 bytes. The CPU, also known as the Central Processing Unit is a chip that is actually the brain of the computer. It is also called the processor.
Temporary storage is used the most often.
If that information is kept in the memory, it can be accessed quickly. When a computer saves information, the first place it goes is to RAM or Random Access Memory. As long as your computer is on , this data remains in this temporary area for the computer to use quickly.