How that translates to the transfer speed:
Say your speed test results give you 10Mbit down, or 10,000 bits maximum download speed. Take that 10,000, divide it by 8 (because 8 bits = 1 byte (and we don't measure speeds in bits)). That gives you 1250 kilobyte or 1.25 megabyte internet connection speed. Same applied to upload or uplink.
Upload = speed at which your computer (what you do in your browser or online games) sends data from your PC out to the intended server.
Download = speed at which your computer can retrieve for data from a server somewhere on the internet.
Higher upload and download speed results are favorable. The faster the better.