Wrong
http://en.wikipedia.org/wiki/Rendering_(computer_graphics)
Oh, and from the .uk server
[spoil]
Cut-outs are cut-outs and renders are renders.
Render
Renders are computer created artworks, generated by (3D modelling) software. Usually a user creates a scene and the software adds light, reflections, surfaces, shadows and so on.
Cut-outs
If you have an image, and you are cutting out a part of it, it's a cut-out. You may change backgrounds or any other unwanted item of an image by cutting out the wanted part and replacing everything else.
Please, we have some skilled artists using these forums. Don't follow the "Evil path" of some GFX forums and use the wrong terms here. A cut-out image isn't a render. "Planetrenders" was one of the worst ideas ever in terms of spreading wrong definitions. Try to use the correct terms. Renders and cut-outs are two totally different things.
[/spoil]
But for the main bit, I was just being picky, you are mostly right for what people use as terms
[Even GE uses it wrong :S]