"Pretty basic questions" are vital to getting the best out of your Mac. Never fear asking the simple.
The answer to your first question may differ according to whether your Internal Hard Drive (IHD) is a spinning platter drive or a Solid State Drive (SSD).
The spinners, by definition, spin
and are thus moving parts. Powering down (switching off) and then powering up (switching on) causes a large power surge to be delivered to the Drive and the more times you do this, the more likely, in time, the Drive is likely to fail.
Think of a domestic light bulb in your home. When does it fail? Nine times out of ten, when you switch it on.
So, I would say, limit the number of times you power down. Many of us, myself included, keep our Macs running 24/7. Next best, is putting the Mac to sleep. Here again, there is a power surge when you waken the Mac, but some people believe this to be less of a strain on the Drive.
If it is of interest/relevant; the big companies running thousands of Drives keep there's on 24/7.
Solid State Drives have no moving parts, so it is argued that the power surge is of less import. Nevertheless, I, and many others, still keep our Macs on 24/7 or sleep them occasionally.
Your choice, really and if you want to read more about this controversial subject, Wikipedia has much to offer.
Next: if your Time Machine Hard Disk Drive is permanently attached to your Mac, sleeping or powering down the Mac, rests the HDD as well. And powering up has the same effect as on all spinners. Unless you can afford a SSD, in which case the power surge is much less of an issue.
There you have it.
Caveat: This is a personal opinion and although many would share my views, there are plenty of users who - they say - power down their Macs several times a day.
Ian