Mgcarley has clearly answered your query but i will simplify the above answer for a layman .
Connection speed : This speed is mostly mentioned in xkbps OR xmbps ( Where x stands for the speed )
Ex. 2mbps . small "b" stands for bits
Now the technical conversion is 1mbps = 1024kbps ; What does the capital "B" signify ? stands for bytes
8 bits = 1 byte or 8bits=1Byte . Simply divide the value of speed quoted to you by "8" and you shall get the speed in kBps ( The speed you actually notice while downloading )
2mbps=2048kbps=256kBps.
Now as far as the attainable speed goes this is generally equivalent OR greater than 80% of your mentioned connection speed. ( This factor depends on many things like line quality , distance from exchange , ISP server traffic in that area etc.. )
so for a 2mbps plan you should get 256kBps x 0.8 = 205kBps
LOL. This is why I choose to write kbit/s kbyte/s and mbit/s mbyte/s - there's no clarification needed as to what I'm referring to. To make matters worse, the storage industry uses base10 to calculate the room on your hard drive, whereas the actual unit of storage is measured in base2 - so 1 trillion bytes comes out to about 936GB.
The 80% rule isn't really measurable or particularly reliable - what you're talking about is TCP overheads which aren't measured in percentages.
Like I said in my post, the simple answer is to divide by 8, so 1mbit/s = 128kbyte/s. Take in to account some environmental factors and aforementioned overheads and you should get a bit less than that (120 on a high quality line, less depending on packet retransmissions and whatnot).