I know that $$(\ \mathbb{Z} /49 \mathbb{Z} )\ ^* \simeq \mathbb{Z}/ 42 \mathbb{Z} $$ because $\phi(49) = 42$. Furthermore $$\mathbb{Z}/ 42 \mathbb{Z} \simeq \mathbb{Z}/ 6 \mathbb{Z} \times \mathbb{Z}/ 7 \mathbb{Z}$$
Is the first claiming always true? The cardinality of the two sets is equal but isomorphism is a stronger fact. So... why does this thing work?
The second one I know is a consequence of the chinese theorem remainder, so it is true when $\mathbb{Z}/ n\mathbb{Z}$ factorises with coprime factors.
No, the group $(\mathbb{Z}/n\mathbb{Z})^{\ast}$ is not always cyclic. It is the case for prime powers $p^n$, two times prime powers $2p^n$ for $p>2$, and $n=1,2,4$. Have look here:
When is the group of units in $\mathbb{Z}_n$ cyclic?