Qualifying: A session that determines starting positions under the championship’s rules.
Pit stop: A visit to the team’s working area for tires, repairs, driver changes, or permitted service.
Tires: The contact between car and track. Compound, wear, temperature, and weather affect grip.
Points: Scores awarded under each championship’s current sporting regulations.
Yellow flag: A danger warning. Slow down and follow the applicable no-overtaking rules.
Green flag: A signal that the track or affected section is clear under the series’ rules.
Red flag: The session is stopped. Drivers follow the procedures set out in the regulations.
Blue flag: An instruction or warning concerning a faster approaching car; meaning varies by context and series.
Checkered flag: The signal marking the end of a race or session.
Constructor: An entity recognized under a championship’s rules as responsible for the car or designated components.
Racing line: A chosen path through a corner intended to balance speed, grip, and exit position.
Roadbook: Navigation instructions used in rally raid to guide competitors along the route.

Racing, explained.

The racing glossary