1) Flip-flops are basic memory elements that store one bit of information as a 1 or 0. Common types include RS, D, JK, and T flip-flops. 2) Registers are groups of flip-flops that can store multiple bits and perform data processing. Data is loaded into registers by transferring new information during a clock pulse. 3) Master-slave JK flip-flops prevent racing conditions by using two flip-flops triggered on opposite clock edges, with the slave output following the master.