Here's a list of frequently used terms and acronyms with explanations.

CMS - Content Management System, an environment for
managing website content.

Domain name - the name attributed to a website (domain_name.tld)

Domain Registration - in which a domain name (domain_name.tld) if available is registered with a registrar company such as Network Solutions.

Dynamic website - stores content in a database and uses a scripting language such as PHP or Perl to dynamically retrieve and package the content into a web page before it is sent to the client browser.

Ecommerce - takes a website and turns it into an online store in which visitors can place orders from the convenience of their home or office computers.

Hosting - a server computer that can, for instance, host a website or multiple websites.

Joomla - perhaps the leading open source content management system.

SEO - Search Engine Optimization - in which a website is place advantageously in    the search engines for particular keywords.

SERPs - Search Engine Result Page(s) -  result page(s) shown in response to keywords entered into a search engine.

Server - a computer that runs one or numerous server programs, such as the Apache web server, which listen on a designated port for incoming client requests.

Static website - a simple website consisting of web pages arbitrarily put together. These pages are located on a server in the same state as you'd view them with your browser.

Transactional website - a website capable of processing credit cards.