First off, it's not a dumb question, everyone was new to this once.
The boosts work like this:
At each multiplier, your pet does more damage per icon.
Let's take 35:
The IDB source says this means you have a x1.5 multiplier.
This means that if you use a 6-icon weapon, you are doing 1.5 damage for each icon, or 150% overall. That is 9 damage.
(Please also be aware there is a "luck" factor, so this calculation can be up to 10% more or less.)
As for your other question. Does a pet with say, 35 strength, have the same boost as one with 54? Yes. The multiplier kicks in at each boost on the dot, (the next is 55) and does not increase until you hit the next one.
Edit: On IDB, there is a section on Faerie Abilities. You buy them in user shops or get them as prizes from tombolas, etc. Each elemental faerie has a different set of abilities.
Your pet must be at a certain level to receive these abilities. If you took a fire faerie and used it on a level 7 pet, this would happen:
You would receive Smoke Screen (level 1)- Your pet must be level 1 to be blessed with this ability.
Each time AFTER that, it would receive higher abilities:
Here is the fire faerie list.
http://idb.finalhit.org/?searchtype=pag ... ftype=fire
All of the types have a similar list you can check.
If an ability requires a level 9 pet and you're level 8, it flies away- You've wasted 5-7k.