A simple cut in the timeline means deleting clips. When you cut, the other clips in the timeline the video becomes smaller.

A ripple edit is when you delete a clip and there is a space. You do this by right clicking on the wanted clip to delete. When you ripple delete, the other clips to the right of the deleted clip move over.

Lifting and extracting are two ways to cut out clips at one time. To do this, you delete it. Lifting is like pulling out a clip, while extracting is like deleting, in terms of what happens to the other clips in the timeline.

This is an example of an extracting edit.  I decided to extract the two clips where I did because it seemed to fit the best.