callback

Unlike many other programming languages, JavaScript enables you to freely pass functions around to be executed at a later time. A callback is a function that is passed as an argument to another function and is executed after its parent function has completed. Callbacks are special because they patiently wait to execute until their parent finishes. Meanwhile, the browser can be executing other functions or doing all sorts of other work.
A definition taken from jquery website

Reference: Michael Vollmer

One should also understand about callback hell