CrazyCanuck said:
Basically...
Cut= Reduce amount of body fat, or general body weight for some
Bulk= Gain lean muscle mass, don't really care about BF% for the most part
in addition,
Cutting, you would have to create a calorie deficit to lose body fat.
Bulking, you would have to create a calorie surplus to gain muscle mass, and yes in process, you will gain 1-2% bf or more, depending on how your eating habits are. Generally, if you gain 10 lbs of muscle, it will burn 500 calories :] as 1 lb of muscle burns 50 calories. you do the math

, eventually the lbs of fat you gained will be gone as 3500 calories = 1 lb of fat.
In addition
refer to this website, to see what your "daily caloric intake" is
and create either a surplus of 500-1000 to build muscle mass or subtract 400-500 to create a caloric deficit. You do not want to create a deficit more than 700+ as you will cause your body to go into starvation mode, which you do not want, it will start eating up your muscle mass if that happens.