Beats per minute (BPM) is a unit typically used as either a measure of tempo in music, or a measure of one's heart rate. A rate of 60 bpm means that one beat will occur every second. One bpm is equal to 1/60 Hz.
This indicates that there should be 120 crochet beats (quarter notes) per minute. In simple time signatures it is conventional to show the tempo in terms of the note duration on the bottom. So a 4/4 would show a crochet (or quarter note), as above, while a 2/2 would show a minim (or half note).
In compound time signatures the beat consists of three note durations (so there are 3 quavers (eighth notes) per beat in a 6/8 time signature), so a dotted form of the next note duration up is used. The most common compound signatures: 6/8, 9/8, and 12/8, therefore use a dotted crochet (dotted quarter note) to indicate their BPM.