What is the difference between quarterly patches and patch sets

Hello,
What is the difference between quarterly patches and patch sets?
Should we always apply the latest quarterly pathches?
Is it better to apply to the latest patch set if one can afford?

The quarterly patch sets are generally security fixes, or Critical Patch Updates (CPU). Oracle strongly recommends that the CPU patches are applied. CPU and quarterly patches do not change the release/version of the database.
The patch sets contain bug fixes and do change the release/version of the database.
As with all patches you should test them on a test database before deploying in production. If you have vendor supported applications you should contact your vendor before applying any patchsets.

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