Ive heard many people say this so what does this mean
"punta"

It means tip.

Maybe you hear this in a store, or a restaurant?

No, punto is a general point, and punta is the tip (of a knife etc) and not the word that is "worse than the b word" and even that word has it's uses. La punta aguda = the sharp tip (of a knife etc)

Explanation:

what time does the plane leave the a21 gate for phoenix? at one minus twenty-five. at twelve and twenty five. at twelve twenty-five.