(Comp Sci.)
Approximately one thousand bits, or exactly 1 bit x 210 (1,024) bits. 240 kilobits per second means 240,000 bits of information are being transmitted over a network per second (240 Kbps). Recall that 8 bits comprise a byte.

Bit = b
Byte = B
Examples:

kBps (Kilobytes Per Second)
kbps (Kilobits Per Second)

When you eat dirt for the first time and leave your family to build a shack in the woods