Some terms and phrases we may use:
Timeline:
All the elements are placed in a non-linear (not necessarily in the order that was shot) horizontal fashion against time.
Edit Point:
A point at which an edit is made
Rendering:
When the video is processed to preview. This may be done for a complex effect placed on the video, or an animation.
Encoding/Exporting:
This is the process of converting the video from the edit suite or source material into another format.
Transition:
Is an effect placed between two or more clips to achieve desired effect such as a cross-dissolve, fade to black etc
Aspect Ratio:
This is the ratio of the video width to the height. Videos are commonly in 4:3 or 16:9.
FPS: Frames Per Second is the amount of pictures per second that make up video. For the UK it is 25 fps, and the US 29.97 fps.