Definition of Betti number at http://en.wikipedia.org/wiki/Betti_number
The $n^{th}$ Betti number represents the rank of the $n^{th}$ homology group, denoted $H_n$ "which tells us the maximum amount of cuts that can be made before separating a surface into two pieces"
Is it true for all $n$ or just for $n=1$? What does it mean by "separating a surface into two pieces"? Is it related to connected components?
"Cutting a surface into two pieces" corresponds to the case of a $2$-manifold (= surface) and $n=1$, in more generality it's the rest of the sentence: "two pieces or 0-cycles, 1-cycles, etc."
In the case of a surface and $n=1$, the first Betti number $b_1$ does correspond to how many "cuts" you can make before getting more than one connected components.
Keep in mind that this is only an informal explanation, and with increasing $n$ it's harder and harder to understand what $b_n$ "means" (how many times you can cut your space with an $n$-cycle and still keep one $(n-1)$-"piece").