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I'm currently learning for the 70-488 exam, and ran into this as one of the learning items: "Subscribe to published content types".
My interpretation of this is "How do you subscribe a site collection to the content type hub?"
If my interpretation is correct, I assume that a site collection becomes "subscribed" once it is associated to the managed metadata service that consumes content types from a content type hub.
Please correct me if I'm wrong, I'm a bit confused by this.
Your interpretation is correct. A Managed Metadata Service application can be used to share content types across site collections by associating a Content Type Hub with it. A content type hub site is generally created as it's own site collection and is purely used to store custom site columns and content types and publish these to subscribing site collections and web applications.
A site collection becomes "subscribed" once a Managed Metadata Service application has been created and associated to a content type hub site, and that site collection sits within a web application that has a connection to that Managed Metadata Service.
