I remember when I first started knitting people would use these terms and abbreviations and I would have no blessed idea what they were talking about. I've definitely adopted some into my everyday language now so they'll appear in my writing. Hopefully this list helps! Let me know if there's anything you want defined!
FO: Finished Object. The end goal for product knitters and something nice for process knitters. Finished objects are always very, very nice to have…though they can be quite rare at times!
LYS: Local Yarn Shop. Home to beautiful yarns and wonderful staffs. I love going and checking out the LYS whenever/wherever I travel.
WIP: Work In Progress. Defers from a UFO because WIPs are generally being actively worked on whereas UFOs may or may not be in hiding/banished/totally forgotten about.
UFO: Unfinished Object. I have many of these…some of which have been lingering for quite some time. I tend to hide these items because there's usually a good reason I've refused to finish it.