1) The resting membrane potential of a mammalian nerve cell is -90mV, maintained by the sodium-potassium pump that pumps 3Na+ ions out of the cell for every 2K+ ions into the cell.
2) An action potential occurs when the membrane potential rapidly changes from negative to positive and back again. It is triggered when voltage-gated sodium channels open and allow sodium ions to rush into the cell, reversing the potential.
3) Voltage-gated potassium channels then open, allowing potassium ions to efflux and repolarize the membrane back to its resting potential. The sodium-potassium pump then restores the ion gradients across the membrane.