Third person limited means that you are telling the story from the point of view of one of your characters, but you can only reveal information that that character would actually know in context with your story.
Telling the story from the perspective of one character
at a time. You can switch to a different character's viewpoint later (but not within the same scene).
The terminology isn't 100% standardized. Some people say 'limited third' regardless of the overall number of viewpoint characters, as long as they only get the POV one at a time. Others prefer to reserve that for the use of a single viewpoint throughout and say 'multiple limited third' or just 'multiple third' when there are more than one.
Point of View is actually a very deep subject. Once you get beyond basic like first person/third person omni/third person limited, you can begin exploring ideas like depth where you write something either 'further away' from the PoV character (describing action more than thoughts) or 'closer' to the PoV character (describing thoughts as much as action).
Yes. You can also vary the extent to which the implied narrator differs from the POV char. In tightly-focused limited third, there's no need to tag or italicize internal thoughts, because
everything is inside the POV char's head. With a looser focus, the narrator is somewhat separate from the POV char, so that even though you can't mention anything in narrative that the char wouldn't know, you do need to indicate internal thoughts explicitly. If you move all the way out until the narrator is completely divorced from the POV char, you're back in omniscient territory.
One of the things that makes POV so confusing is the same thing that makes it so versatile. There are very few bright lines once you get past the grammatical distinction of first, second, and third person. Within third there are several aspects that each can be varied on a continuum from one extreme to another. When defining the various types of third, different people draw boundaries in slightly different places.
That's all fairly advanced, though. I think it's sufficient to begin with understanding omniscient vs limited and objective vs not-objective as pairs of opposites. (I'm not aware of any term that is commonly used to describe POV when it isn't objective. It's just the default. The obvious choice, 'subjective', carries too many implications that don't fit. Something like 'complete' or 'experiential', maybe?)
Hope you found the right PC for what you were after last January.
