Reference - Cutter Terminology

Item	Description
Tip (Point Styles)	Available in drill point, radical fish-point, shallow fish-tail, V-point, and Y-point. See related article.
Flutes	Tools are available in 2, 3, 4 and 5 flute styles. In general, the greater flute volume of two flute designs make them preferable in applications that demand aggressive debris removal. Three flutes bits offer greater stiffness and freedom from resonant chatter.
Flute Extension	Non-cutting portion of the flute that allows for additional bit plunging.
Shoulder	Tapered section between the shank and the flute extension.
Shank	The length of the tool that inserts into the chuck or collet. 3,18 mm 1/8", 6,35 mm 1/4", 9,53 mm 3/8", 12,70 mm 1/2" shank tools are currently available.
Shank Chamfer	Makes bit loading easier and reduces colletwear.