Guy's got the right idea here, to look it up, but here is my take:
Latent buds originate in leaf axils, the little "crotch" between the petiole and the young stem or branchlet at each node. Some of those buds germinate or "turn on" to form lateral branches. The majority of those buds don't germinate right away, but the bud primordia, immersed in the thickening bark, continue to divide and the bud is carried more-or-less on the bark surface outward. I say "more or less" , because these can be immersed in the bark and not readily seen. In dissection, especially in axial section, the "bud trace" or the very subtle yet distinct wood anatomy that links the latent bud to that first-year or primary growth is visible...at least in a microscope section. So, latent buds are located at primary nodes, dictated by the primary growth of the twig or stem from the apical meristem.
"Adventitious" in this sense simply means a plant part produced where you aren't expecting it based on the primary growth of the plant. Branch or root sprouts that arise from callus or woundwound are examples of that. Adventitious roots and shoots can arise from meristematic points and not even involve a bud as a distinct organ.
Yeah, you should still look it up.