Are you talking about a tapered tang? if so its when a blade reaches the handle it is reduced at an angle along the handle to give greater balance to a knife and makes it fit the hand better....
Benefits - it manipulates/reduces weight and allows the maker to play with the balance of the knife. Not essential, but a nice touch often only seen in classy knives.
A slipjoint is an Americanism for a folding knife (a penknife), specifically any non-locking folding knife. A knife whose joint or pivot "slips" when pressure is applied to close the blade eg a swiss army knife.
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