No, 60" is the lenght of the bow. When it's strung its lenght is around 56" and that's the lenght of your string. The other important thing is the so called "brace height" - that's the distance between the string and the deepest part of the riser (usually in the handle area). As far as i remember the BH of your bow should be around 7" - you can measure it and if it's not near this you can adjust it by twisting or untwisting the string (but first make sure it must be 7" ) The poundage of recurve bows is measured at a certain draw lenght - usually 28" (i've seen some bows measured at 29 or 30" also), so your bow is 50#, but if drawn to 28/29" (not sure which). If your DL is longer the bow will be a little havier, if shorter - lighter.
Oh, and you're not a dumb ass, when i've started archery with serious bows i didn't know any of the terms and i guess all other newbies are the same