Palm. Palming is the secretly holding of an object in the palm of an apparently empty hand. It's most familiar use is with the trick of pulling a coin out of someone's ear.
Ditch. To ditch an object is to secretly dispose of it, such as when a seated magician seems to pick an object off the table but instead slides it off into his or her lap (also called lapping).
Steal. A magician steals an object when he or she secretly takes it from someone else. Street magicians often steal a spectator's wallet and then hand it back to the spectator's amazement.
Load. Loading a deck of cards involves secretly putting the card that's needed for the trick in a certain position of a deck. A common way to load a deck is called "3 kings," in which the deck is placed in a specific order while still appearing to be random.
Switch. To switch is to secretly exchange one object for another. This technique is used in the bill switch trick.
Simulate. A magician makes it appear to the audience that something has happened when it really hasn't. An example is simulating a shuffle of a deck of cards while keeping the same card on the bottom of the deck.
Misdirect. A staple of magic shows is the pretty assistant, who draws the audience's attention away from the magician while he or she sets up the trick.