just bought my first domain, not up yet, and was wondering what was needed in for dns setup.

Prognation of a newly registered domain can take 24-48 hours for the domain to resolve on web browsers around the world.

Ask the hosting company about their nameservers. Then just point you domain to those nameservers in your registrar control panel.

If you would like to have your own nameservers (ex. ns1.yourdomain.com and ns2.yourdomain.com) you'll have to ask your hosting company for I.P. addresses and then register nameservers. Most registrars also offer this option...