What's the difference between an 'abandoned cart' and an 'abandoned checkout' in Shopify's terminology?

As a Shopify store owner, I've been diving deep into understanding my store's performance metrics, and I keep hearing these terms 'abandoned cart' and 'abandoned checkout' thrown around. Initially, I thought they meant the same thing, but my analytics team suggested there's a nuanced difference. I'm spending significant money on ads, driving traffic to my store, and seeing potential customers drop off at different stages. Understanding these terms could be crucial for improving my conversion rates and ultimately, my bottom line. Are these just fancy terms, or do they represent distinct moments in a customer's buying journey? I need to know exactly where and why customers are leaving my sales funnel, so I can strategically implement solutions like targeted offers, countdown timers, or personalized interventions that might recover these potentially lost sales.