I have pictured a circuit that I would like to build. However I do not know what some of the abbreviations stand for like, LSB, MSB, LT and BL. What do they stand for? Also it appears that there are a group of switches in between LSB and MSB. Can I just connect wire directly to the battery?

 

What do you used for this display?
Those switches are used to select the number which one you like to display.

 

LSB = Least Significant Bit
MSB = Most Significant Bit
LT = Lamp Test
BL = Blanking
LE = Latch Enable

When in doubt, always refer to the datasheet.

http://www.ti.com/lit/ds/symlink/cd4511b.pdf

The switches allow you to select what number is to be displayed, depending on the setting of the four switches.

You can wire the inputs to GND or VDD and omit the switches and four resistors.

 

I plan on using a 4520 CMOS with an SSD. I was just not familiar with the jargon so it's a little confusing. SO the outputs are for the anodes of the SSD. I'd like to display a number 7.

 

SSD meaning seven-segment display is not a commonly used acronym.
SSD usually refers to solid-state drive.

A CD4520 is a dual 4-bit binary counter. What are you trying to do?

The CD4511 will take a 4-bit binary value, more specifically, a 4-bit BCD (binary coded decimal) and turn on the appropriate LED segments in order to display the corresponding numeral.

To display "7", set D = GND and C, B, A to VDD, i.e. the Binary Coded Decimal (BCD) is 0111.

 

Seven segment display

 

I would like to be able to initiate some sort of countdown with the 7 segment display or at be able to switch numbers manually or automatically. But reading your last post the CMOS I got is a binary counter which will light LEDs in the requested sequence.

 

If I can't do a timer, is there anything I can do with the components on my breadboard? I have resistors and other miscellaneous stuff.

 

First thing - don't wire an LED without current limiting resistors. You are in danger of blowing your LEDs.