1. The CSS "box model" is a box that wraps around every HTML element. It has margins, borders, padding, and lastly the actual content.

2. Margins create space around elements outside of any defined borders. Paddings create space around elements inside of any defined borders.

3. The height and width are determined by the border, margin, padding, and height/width of the content.

4. The box will be padded 20px on top and 50px on the right.

5. The outline surrounds the border, but doesn't affect height and width like border does.