Yeah, I know. Some of those terms come from Mastodon (the Twitter alt). In Mastodon, you can boost posts (tweets) which is akin to a retweet (without quoting). And a Favorite is similar to liking a tweet, although Mastodon makes it so that you can see all your favorites in a list, which is nice.
How those operations function on a Lemmy instance, I have no idea. From what I remember Kbin was supposed to blend these together so you could use your one Kbin account to check out Lemmy communities and Mastodon posts in one spot?
The whole magazine thing, yeah, just not needed in my opinion - call it communities.