A chip is a small piece of something, most commonly a piece of potato, deep fried to make potato chips. A chip is used in gambling to represent money.
You clip something when you cut a small amount off it, for example you clip a hedge or your toenails. Another word for clip is trim.
A dip can be one of many things. As a verb, you dip something by lowering it briefly into a liquid, for example the person in the picture is dipping some bread. The semi-liquid food he is dipping the bread into is also called a dip. Dips are very tasty, can be made from virtually anything, and are usually served with some kind of bread. Many dips are made with a yoghurt base. A dip is also a shallow dent or depression in the ground, often seen where a drain crosses a road.
A drip is a small amount of water that falls slowly. Taps drip when they leak, and water will drip from your hands when they are wet.
You flip something when you quickly turn it over, either half-way over so it is upside down or flipped over all the way so it comes back to where it was to start with. The boy in the picture is doing a backflip.
A grip is something you hold onto something by, or describes how you hold something. It might also mean a way of increasing friction, for example "the soles of my new shoes have great grip".
Your hip is the part below your waist on the sides of your body where your leg joins your body. People's hips are typically wider than their waists, particularly on women. The woman in the picture has one hand on her hip.
A microchip is a tiny machine component that is made of a series of circuits that help a computer or other machines process information.