Well I just started using Character Studio and I have a couple of questions.

1. I understand that you need to align your Biped to fit your mesh character, is there a faster way to do this as it seems to be a pretty tedious job. And if there isn’t a faster way to drag the Biped into the mesh character then why not just use regular bones? (As I find using regular bones faster/easier, but I’ve been using regular bones for a while maybe I just got used to using it over Character Studio.)

2. I’ve been trying to find a human answer online but can’t find an simple answer, what is the difference between Forward Kinematics and Inverse Kinematic? When creating bones I blindly use Inverse Kinematices. (I don’t even know how to access Forward Kinematics even if I wanted to.)

3DS Max 2011
Windows Vista 32 Bit
Dell XPS M1530
Intel Core 2 Duo CPU T5550 1.83 GHz
2 GB of Ram

And if there isn’t a faster way to drag the Biped into the mesh character then why not just use regular bones? (As I find using regular bones faster/easier, but I’ve been using regular bones for a while maybe I just got used to using it over Character Studio.)

You are free to use whatever rigging system you are most comfortable with, if you prefer bones, ditch CS and use bones.
But I would say the CS is more the choice for beginners in rigging, with bones you may find it quicker and easier to fit the skeleton to the mesh, because you just click and draw them as you go, rather than adjusting a pre-made default skeleton to fit. But there is more work involved in setting up the rigging, it must be done manualy, whereas with biped, much of it is done already for you. With bones you have to apply the IK (and other)controllers yourself, with systems like Biped and CAT, the skeletons come already rigged to use either FK or IK.
Bones are good when you need a rig that behaves in a way you want, rather then that pre-defined by the biped rig, or some non-humanoid character that does not resemble a biped. But it does require more advanced rigging knowledge.

2. I’ve been trying to find a human answer online but can’t find an simple answer, what is the difference between Forward Kinematics and Inverse Kinematic?
The fact you ask that question tells me you have a bit to learn about rigging.

When creating bones I blindly use Inverse Kinematices. (I don’t even know how to access Forward Kinematics even if I wanted to.)

FK is how things work by default, IK happens only when you set it up that way. So maybe you have it the wrong way around.
Example:-
You have a character who must reach out and grab a bar.
With FK, to bring the hand to the bar you must rotate the arm at the shoulder, rotate the forearm at the elbow, rotate the hand at the wrist, and keep adjusting to get it where you want.
With IK you just move and rotate the hand to where you want, and the rest of the arm adjusts to follow.
Or: In FK you move the parents to move the child, in IK you move the child and he parents follow.
The other option is CAT, the rigs are easier to fit than bipeds, and it is a newer more advanced system than CS, but it does have it’s issues.
You should try rigging and animating some characters using the various methods and see how you get on. Do refer to some Tutorials and Help first.
You must do some animation. You don’t know how good (or bad) the rigging and modeling is untill you have to animate with it.

Actually I have another question about Character Studio:

When moving an arm or leg to position it to match your mesh, is there a way to move 1 arm and the other arm is moved in the at the same time and in the same position? Basically like the Symmetry modifier when modeling only for rigging instead.

3DS Max 2011
Windows Vista 32 Bit
Dell XPS M1530
Intel Core 2 Duo CPU T5550 1.83 GHz
2 GB of Ram