The distinction between the two terms, and the processes they encapsulated, got clouded with the rise of desktop publishing in the 1990s. People (and software – usually Microsoft 🙂 ) often refer to typefaces as fonts.
In simple terms:
1. A typeface is what you see i.e Garamond, Futura, Times
2. A font is what you use i.e. Garamond Bold 12pt, Futura Light 20pt