Check Out What This Card Can Do! - Abilities
Many cards in Magic come with text explaining what they do, but often there is a M:TG "shorthand" that develops as cards get reprinted. This can be overwhelming for new players, but read on and you'll discover how easy it is to interpret!
Standard-Effect Keyword Abilities
Words like "flying," "deathtouch," and "wither" have a set meaning in Magic, which, when you learn each one, works like a shorthand for remembering the rules. MTGSalvation's Keyword Category lists all the different abilities that have been introduced in Magic so far--it's a REALLY handy reference for figuring out what your cards do.
These abilities are further broken down into categories according to what effect they have on the game--check the following links for official rulings:
"No Specific Meaning" Keyword Abilities
Additionally, there are some keywords in the game that actually don't mean much by themselves--they have to have text out to the side that explains the specific effect. Cards with the word "Chroma" on them, for instance, don't all have the same effect; they're all in the "Chroma" family, but they have separate abilities, as seen below:
MTGSalvation's Wiki has an ability word page which shows you all the various "No specific meaning" abilities in the game.
For More Information
You can find out more about the various card abilities by checking the MTG Salvation wiki's page on abilities. It explains in M:TG language exactly what counts as an "ability," as well as the different types, and how you tell apart the multiple abilities on a card.