I don't know how often these terms come up in broadcasts of other series, but in Formula 1 you will probably hear references to undercut and overcut, and might wonder what they are and what's the difference. Pit strategy is a big part of a race and can make the difference between a good result and an unfortunate one, and overcut and undercut refer to elements of pit strategy.
In Formula 1, at least as of the time of this writing, drivers are required to run on two different tire compounds during a single race, unless at some point the race has been deemed wet, in which case that no longer applies. Teams are allotted so many of each tire compound, and they choose how many of each they want for the weekend, up to a total limit. One team may bank heavily on mediums while another may feel hard tires are they way to go and stock up on more of those. They then need to use these wisely across different sessions of practice, qualifying, and the race. Each compound will last a different amount of track time and offer different levels of performance, so a harder tire will typically last longer but would be expected to offer poorer grip meaning slower lap times. Driver A might opt to use softs and mediums but can't complete the race with just one of each so may need to have two pit stops, meaning more time in the pits, but with the hope of faster lap pace being worth it. Driver B may opt for medium and hard, resulting in slower track pace, but only a single pit stop.
An undercut strategy is more common than overcut, and banks on pitting a bit earlier than a rival in the hopes of gaining an advantage on fresh rubber after their pit, hoping to make up relative position against the rival running slower times on older rubber. Overcut, on the other hand, hopes that staying out longer will yield better results, but relies on variables like, for example, the rival losing time in traffic, or perhaps aggressively running the remaining tire life out of the old tires for faster than normal laps before going to fresh tires, and hoping the laps on the new tires will be significantly faster than the rival's laps on tires that by then have several laps on them.