~ Finishes ~

Creme - also known as cream, but hey, that's a color!  Creme polishes are pigmented, opaque, shiny colors.  True cremes contain no shimmer or glitter.  Think of shiny enamel paint.
Effect - what I'm dubbing the crackle, shatter, and graffiti colors.  Also includes color-changing, glowing, and magnetic polishes.
Flake - contain larger, odd-shaped and usually iridescent reflective pieces.  Think of fish scales.
Frost - or pearl, these polishes can usually be identified by their brush-stroked look.
Glitter - polish containing glitter!  Often meant for use as a topcoat.  Sparkly!
Iridescent - polishes that change color in different lighting, or have "flashes" of a color in them.  Other terms can be lustre or duochrome.  Think of soap bubbles, insect wings and oil slicks.
Jelly - these polishes are sheer, yet have depth and look almost squishy or wet.  Very shiny, good for layering.
Matte - flat color with no shine after it dries, which is quickly.
Metals - polishes with a metallic, mirror, foil or chrome quality.
Prism - or holographic nail polishes contain special glitters that reflect a whole rainbow of color.
Satin - polishes that dry to a sheen somewhere between a creme and a matte.
Shimmer - these have smaller, fine microglitters or "glass fleck" particles that sparkle faintly.  May only show in strong light.

   ~ Colors ~

Bright -  vibrant colors, and neons.
Dark - deep, dark colors of any hue.
Light - all pale or pastel shades.
Mid - any mid-range color that doesn't fall in with bright, dark or light.

   ~ Other ~

B3F - stands for "Big 3 Free".  Polishes that do not contain Dibutyl Phthalate (DBP), Formaldehyde, or Toluene.  Besides those chemicals posing potential health risks, polishes that do and don't contain them often don't work together well.
B3+ - my term "Big 3 Plus".  Not only are they b3f, they also exclude other risky ingredients.