A simple cut in the timeline means you remove that portion of the clip. When you cut, the other clips in the timeline they stay separated and don't come together.
A ripple edit is removing a portion of a clip, just like a cut. You do this by right clicking the mouse and you will find the option to press ripple delete. When you ripple delete, the other clips to the right of the deleted clip come together so there is no open spaces.
Lifting and extracting are two ways to cut out a clip at one time. To do this, you set an in and out point and then have the option to press lift or extract on the right side of the clip. Lifting is like a simple cut it leaves a gap from where you set your in and out point, while extracting is like a ripple delete when the clips of the right of the cut come together, in terms of what happens to the other clips in the timeline.