Extravagant Editing

Transition of image and sound:
The definition of transition is "the process or a period of changing from one state or condition to another".Therefore the transition of either image or sound in a motion picture would be a well thought out and smooth change in order for scenes to flow, showing consistency. 

Editing:
We as viewers are the most important people in the film industry, because we are where the funding comes from. lots of things decipher why we might want to watch a particular TV show or movie. Editing is used for inchancing a particular movie to suit our likes.
Cutting is important so something doesn't run on too long whilst the sound and colour are important factors of visual and aural attraction. Below are some types of editing:

Shot/reverse shot:
When one character is shown looking at another character and then the shot gets reversed to show that other character looking at the first. However, there's only really room for one superstar, so usually there is only one actor on the stage.

Eyeline match:

As the audience wants to be as engaged as possible when watching they're favourite TV show, they're going to want to feel everything and sense everything a particular character is feeling. An eyeline match shows us a clip at the character so we can see their emotion, predetermining what we get shown next - the object or character that the first was looking at.

Graphic match:

A subtle merge between two similar looking objects in order to link two scenes and in order to like to objects metaphorically.Also known as action match shot, or in french, "raccord".

Jump cut

A scene taken from two different places at two different points in time, with no attempt to show consistency, hence, showing a jump forward in time and cutting out useless footage.

crosscutting and Parallel editing

The difference between crosscutting and parallel editing is the time difference. Both show different things happening. e.g. in a crosscut, someone could be in the shower and another could be coming to stab them with a fork. the camera flicks between both scenes. However, with a parallel edit, the person could be in the shower having a flashback about someone being stabbed by a fork.

Cutaway

Also known as 'B role', A cutaway is when the camera screen splits in order to conveigh more information to the viewer.

Insert

When something gets boring. e.g. a long, painful conversation, the editor might want to insert some cutaways to spice it up a bit so to speak.

Dissolve

A dissolve works between two cuts whilst Fade-in, Fade-out is a transition from a blank image.

Wipe:

Think jazzy power point transitions. One scene will window wipe another of the screen.

Superimposition

Mostly used in photography, for an example see Dan Mountford. Its when two images/ scenes get merged together. A prime example is the true detective title sequence.

Long take, short take

A long take is a long scene of footage whilst a short scene is a short scene of footage. In english, we have long sentences and short phrases mixed to increase and decrease expo and hence, to provoke excitement.

Slow motion

This is pretty simple. For further reference, just look up the slow mo guys on youtube. They do cool stuff and slow it down. 

Ellipsis & expansion of time

We know an ellipses as a dot-dot-dot. In cinematography, an ellipses of time is simply an elongated scene. Although, it's rarely used as it has the bore factor.

Post production

This refers to all the editing work that goes in to the motion picture/ tv show, AFTER the production has been filmed.

Visual effects

Also known as VFX, this is manipulation of the original visual in order to create an engineered image. can be made on editing software after the actual shot has been taken. Best example is transformers.