There is a great deal of confusion around some terms related to the different levels of SharePoint hierarchy. Some of this is buzword overload and some has been brought about by inconsistent usage from Microsoft (and to be fair actually most of us in this industry).
So if you’ve ever wondered what things like Farm, WFE, NLB, Web Application, Site Collection and Top Level Site mean I am going to try and clarify the different terms without getting too technical as some of this stuff needs to be know by advanced, or power, users. I’ve missed out some of the more esoteric things like managed paths in the interests of readers sanity.