What program are you following though? Stronglifts? Starting Strength? Madcow 5x5? DoggCrapp? Westside? etc.
Fake: In terms of rest times, for strength training the goal is perfect practice for each rep, so you rest as long as you need to do the set. For bodybuilding, fatigue is more valuable, so rest times are short (around a minute or so) so that you can exhaust the muscle. That's the very basics.