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Here are a few definitions that may help you better understand Affiliate Marketing from kwatc

• Merchant - A merchant is a person or a company that markets their products and services on the web. Your merchant is the person/company whose program you joined.
• Affiliate - An Affiliate is a person or a company that assists the merchant in marketing products and services in return for a commission. This is you!
• Merchant-Affiliate Relationship - In the Merchant-Affiliate relationship, the Affiliate acts as an independent "salesperson" who promotes the merchants products and services. The merchant tracks the incoming visitors to determine which Affiliate sent them the sale - if any.
• Tracking and Management Solution - In order to track the incoming Affiliate-referred traffic to their sites, merchants need to purchase or create software to Track and Manage their Affiliates and their activities. Since you’re here at The Affiliate Training Center, your merchant most likely chose My Affiliate Program Software or a custom program provided by KowaBunga! Technologies.
• Click-through - A click-through is the action that takes place when a visitor clicks on a banner or a link on your site to go to your merchant’s site.
• Impression - An impression occurs when a page containing your Affiliate code is loaded on your site or in your HTML email messages. Impressions are also called page views.
• Two-Tier - A two-tier commission structure pays you commission on each sale (or lead or click-through) you refer and a commission on each sale referred by any Affiliates you have referred to the program.

  
  For example: If Bob comes to your site, clicks on your link,
  goes to your merchant’s site and purchases, you earn a first tier
  commission.

  However, let’s say Jane comes to your site, clicks on your link, goes
  to your merchant’s site and signs up for the Affiliate Program. When
  Harry goes to Jane’s site, clicks on the merchant’s link, goes to the
  merchant’s site and purchases, Jane earns a first tier commission
  (because she referred the sale) and you earn a second tier commission
  (because you referred Jane).

  You’ll need to check with your merchant directly to see if they offer
  a two-tier program. You can do so by checking your administration
  screen and looking for a "Second Tier Commissions" stat or
  by contacting your merchant.

• Link - A link is a hyperlink (http://www.yourdomain.com) or an image or text that contains a hyperlink. A link is placed on one site and when clicked on leads the visitor to another. In the Affiliate Marketing industry, you, the Affiliate, place links on your site that points to the merchant’s site.
• Entry Page - An entry page is the web page that you direct traffic to. Visitors coming from your site will "enter" merchant’s site at this page. In most cases this is the "home" or "index" page. However, you may want to link to a specific page on a merchant’s site - you can check with them for information on linking directly to a specific page.