I am currently studying N+ and there is a formula that is confusing the living daylights out of me.

The formula is:

1bit X 10,000,000 CYCLES = 10Mbps
cycle second

How do you know what the cycle is? Does anyone know if they ask this in the comptia N+ international exam???

Please if anyone could help, it would be greatly appreciatedThe cycle is a part of a signal that repeats itself regularly. I mean that the signal is composed of those "cycles" ( I forgot the exact definition of a cycling signal). You may find the definition in a mathematics or physics book. Also, examples.
Some example here (analog cyclic signal, a SINUSOIDAL one): http://fr.wikipedia.org/wiki/Signal_sinuso%C3%AFdal

There are also discrete signals. Perfect discrete signals have only certain values (levels), let's say on-off, 0-1 - when we are talking about a discrete signal with only 2 values; but there are signals that could be draw LIKE stairs, up and down and so on.

It's not hard to understand, you just have to find a pupil physics or mathematics book to find what I (they in fact, in the Comptia courses) mean. Don't worry, I don't think they will ask you such details.