There is blood on your shirt.
Why does my bum bleed when I poop?
I like steak when it still has lots of blood in it.
The kanji and the word are exactly the same. That means they share meanings as well.
Since this word is made up of a single kanji, it should use the kun'yomi reading. When learning the kanji, you didn't learn that reading, so here's a mnemonic to help you with this word:
You cut yourself and there's blood everywhere. You need to stop the bleeding with something, but the only thing nearby is a block of cheese. You grab the cheese and stuff it into your gash, but the blood comes out the holes (it is Swiss cheese, blargh!). Imagine this in great detail to be able to remember it well.