Advertisements - bleed, trim and type

I'm designing my own advertisement for a magazine - can you tell me what bleed, trim and type means? Bleed eg 303 x 216 This is the size that the advertisement background needs to be. It will be larger than the advert appears in the magazine but is essential to stick to use this size so that when the advertisement is trimmed down it does not have any white area around it. Trim eg 297 x 420 This is the size that the advertisement will be trimmed to. Type eg 262 x 386 This is the area that type should appear within to prevent it being chopped off when guillotined.

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