Need explanation of KBPS & Sample options in Freemake

I use Freemake to download Youtube videos, extract the sound tracks and convert to MP3 then burn to CD for my own custom music disk. In the MP3 Output Paramaters screen they give several options, all in KBPS: 96, 128, 192, 256, and 320. Then if I click on "Add Your Preset" at the bottom of the list, options for several sampling choices appear. I have tried a couple of different KBPS downloads, and I (for one) can't really tell any difference when I play back through my computer sound speakers (Altec Lansing). I sometimes use Audacity for this and I notice that Audacity will strip the sound, and the KBPS is 192 with no other choices.
I'm not asking for a encyclopedia-type answer, but can anyone give me a header on what the purpose of different KBPS and Sampling choices are for? Is there an advantage to one over the other?
Thanks in advance...