16-, 24- and 32-bit are bit depths.
Bit rates for uncompressed files are worked out by multiplying bit depth * number of channels * sample rate. That makes a stereo 16-bit file to be 1411 kbps bit rate.
This table lists the bit depths Audacity imports WAV files at:
Default
Sample Format File bit depth Imports as
16 16 16
16 24 32
16 32 32
24 16 24
24 24 32
24 32 32
32 16 32
32 24 32
32 32 32
Gale