Confused someone please explain this to me----

With my wireless connection when I hold mouse pointer over 'connection'
in system tray it says 54mbps.
Results of speedtest on a site:
Download 4716kbps
Upload 1167kbps
Is 4716kbps same as 4.716mbps?
Is this mega or milli bytes?
Someone tell me if I am correct in my conversion; also what actually
does it mean when you hold pointer over icon in system tray and it says
54mbps(is that million??)
Thank you.
Sorry for my ignorance.

.

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