I usually take a Taxi.
For example I can put compression and reverb to one bus. Assign that bus to a couple of tracks and use that for adding effects to all those tracks? Kinda like a short cut?
The chain I understand. I was wondering if the order that I place the effects in my program work much the same as if I was placing effects for my guitar? IE. should I make sure that my EQ is before my distortion?
Compression is best used serial, like the guitar effects chain. Assigning a compressor to an aux bus and bringing it in like that is going to cause comb filtering due to the latency of the plug-in. Thats a whole other topic.
Anyway, as in the actual definition, 'bus' takes you somewhere. Typically, all your channels of your DAW are assigned to the MASTER (or STEREO) bus.
Anything routed to a particular 'bus' will go to wherever that 'bus' is going. In my example above, the channels all go to the stereo outs.