I'm in the process of learning basic funtions of the dslr. Am I right in thinking that a low apperture will give a small depth of field,
I think the answer, as you intend the question, is yes. To be clear, lower f/numbers reduce depth of field (sorry to be picky, but depth of focus is technically something different).
a slow shutter speed would be used in low light conditions when shooting still objects or shooting object when looking for motion blur,
Yes.
and that if you increase the iso it will give you a less quality picture but allows more light in if you're working in poor light?
Not quite. Higher ISO raises the sensitivity of the sensor, so less light is needed for correct exposure, but it doesn't allow more light in.
So what setting would you recommend to use if you were shooting motocross bikes at high speed in goog light?
I took some pics of the kids yesterday that seemed a little under exposed, to correct this should I up the iso?
There is no right answer, depends on the light, the subject, the lens, the kind of result you're after etc etc.
You need to understand the 'exposure triangle' of f/number, shutter speed and ISO - which you seem well on the way to doing - and then apply them to each situation as appropriate.
It's always a compromise, as you can't always get what you want. For example, if you want both a fast shutter speed and lots of depth of field, and also lowest ISO for best image quality, you won't get all three. So you have to prioritise one, and juggle the other two as best you can.
Not sure if you know this, but all three corners of the exposure triangle work on a halving/doubling principle and you have to trade one against the other to get correct exposure. Shutter speeds and ISO are easy, as they work on a simple linear scale, ie 1/250sec is half 1/125sec, and ISO400 is double ISO200.
The confusing one is f/numbers, because the halving/doubling relationship is confused by the square root of two, which is 1.4, and then the values are a bit upsidedown! There is a reason for it, but you just need to know that f/2 allows twice as much light to pass as f/2.8 (2 x 1.4 = 2.8), which is twice f/4, which is twice f/5.6, and so on 8, 11, 16, 22 etc.