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Computers that are responsible for processing blockchain transactions and receive a reward when a block is mined. To create a masternode you need a large amount of coins from the cryptocurrency for which it is developed.
Flappening is a term used to describe Litecoin growing bigger and becoming more valuable than Bitcoin Cash (BCH). It is spawned from the term Flippening (used when another crypto overtakes Bitcoin).
It is number of transactions done per second. For example, there are 10 transactions of Bitcoin done in 1-minute. The TPS would be 10 transactions/60 seconds = ~0.17 TPS.
