1) Saccharomyces cerevisiae (budding yeast) is commonly used to study the cell cycle. The cell cycle consists of an interphase and mitotic phase.
2) Interphase includes G1, S, and G2 phases where the cell grows and duplicates its DNA. The mitotic phase includes karyokinesis and cytokinesis, where the cell nucleus and cytoplasm divide.
3) Karyokinesis takes place in four stages - prophase, metaphase, anaphase, and telophase - where the chromosomes condense and separate, forming two daughter nuclei. Cytokinesis then divides the cytoplasm into two daughter cells through cell plate formation.