Glossary: Cut
A transition from one shot to another. Typically, straight cuts are perceived as instantaneous in terms of story time. In the example below, the telephone conversation between Jimmy and Rose proceeds uninterrupted across the cut from Jimmy's shot to Rose's shot. (Notice that these shots are compositionally balanced by placing Jimmy on the right half of the screen and Rose on the left half of the screen. This provides a visual cue that Jimmy and Rose are speaking to each other.)
From Magnolia
Frame 1: Jimmy speaks to Rose on the phone
Frame 2: Rose speaks to Jimmy on the phone