To answer the first question:
It depends. The same way Christianity is broken up into different factions, with some more alike than others, so are there different Buddhist groups, including Theravadin, Mahayana, True Path and Zen Buddhists.
Buddhists and Hindus (Buddhism started in India in approximately the 6th century) believe in cycles of reincarnation where past deeds help determine one's position in the next life. Where they differ is that a Buddhist believes that it is possible to break the cycle and this is what they strive for through out their lives by following the teachings of Buddah called the "Nobel Eight Fold Path".
As to a 'Universe", it is safe to say that most Buddhists really have no concern about the "Universe" or what it is, at least not as a Westerner understands it. Indeed, since the whole thrust of Buddhism is a distancing of oneself from worldly concerns, including the nature of the Universe. it's enough for a Buddhist to free him/herself from the cycle of life and to obtain the ultimate enlightenment or Nirvana. (Paradoxically, worrying about it works against acheiving Nirvana.
As to your second question,
I have studied world religions for approximately 30 years at the grade school, high school and college level, as well as being a Sunday school teacher, church musician, retreat organizer and acolyte in churches including the Catholic, Episcopalian, Lutheran and Methodist churches. I've also been past chair of an interfaith group dealing with the conflict surrounding the abortion controversy and how to deal with it in a faith based fashion that encompassed all faiths.
Vicariously I studied modern Biblical scholarship while my ex got an associates degree in Biblical studies from the Denver Archdioce's Catholic Biblical School (4 year program).
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"Of all tyrannies, a tyranny exercised for the good of its victims may be the most oppressive. It may be better to live under robber barons than under omnipotent moral busybodies. The robber baron's cruelty may sometimes sleep, his cupidity may at some point be satiated; but those who torment us for our own good will torment us without end, for they do so with the approval of their own conscience." – C. S. Lewis
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