Type II Error: Occurs when a false null hypothesis is not rejected, also known as a 'false negative' or 'beta error'.
$p$-Value: The probability of obtaining test results at least as extreme as those observed during the test, assuming that the null hypothesis is true.
$\alpha$ Level (Significance Level): $\alpha$ represents the threshold at which we reject the null hypothesis; it defines our tolerance for committing a Type I error.