Quick and dirty theory 101 on Tempo and Meter:
When you see something for a song that says 4/4, 2/1, 3/8, or whatever, that's the Meter of the song. The top number is how many pulses there are per bar, and the lower number is what kind of note receives that pulse. 4/4, which is the most widely used time signature in western music (hence the alternate name of common time), has four quarter notes per bar.
Tempo is simply the pace of the song, and outside of the digital realm doesn't always get marked by a specific rate, just more general terms like fast and slow. As Kenny mentioned, BPM is just a tempo that is synced to the clicks of a metronome. What's important is that you are dividing the tempo into the correct divisions - which for dance music will most likely be 4/4 or 3/4.
You don't have to have any amount of any sound hit every pulse, but if you're producing something like house music there's probably gonna be a kick drum on every pulse for large sections of your track.