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My guess would be like when you highlight something, and right click, copy on a computer. The selection you copied is stored on the clip board, then you can paste.
Chip board is the beaver puke that is used in place of plywood when strength isn't that important. The clipboard is where bits of text or files are temporarily stored until the user pastes them elsewhere. If it's not there when you try to paste it, you aren't doing it right.