Rebirth
Life is seen as literally 'wandering on' limitlessly through time in a cycle of innumerable births, extinctions and rebirth and it is important to gain sufficient merit to avoid the lower level of the hell. Ghosts and animals. The higher realms are humans, demigods and gods. All beings are fated to tread this wheel continuously until they make a commitment to enlightenment.

Karma
All beings pass through the same cycle of rebirths. Movement within this cycle however is not haphazard, but governed by karma. Karma is not a system of reward and punishment as meted out by a god, but a kind of natural law akin to the law of gravity. Individuals are thus the sole authors of their fortune. Good karma results from good intentions, which find expression in good action.

Merit
Karma can be good or bad. Good karma is termed merit and much effort is put into acquiring it. Supporting monks and monasteries is considered one of the best ways for a layman to earn merit.

The Four Nobel Truths;             
The ultimate aim of Buddhism is to end   the cycle of rebirth. After his enlightenment the Buddha referred to 4 interlinked truths, understanding of which were essential to this aim                                                                

• Life is suffering                                    
• Suffering is caused by desire                     
• Suffering can have an end            
• There is a path that leads to the end of Suffering.

The Eightfold Path
The 4th of the Nobel Truths prescribes a course that will lead to merit and  eventually nirvana.

- Right understanding
- Right thought
- Right Speech
- Right Action
- Right Livelihood  
- Right Effort
- Right Mindfulness
- Right Concentration