(verb)
to cut something off and remove a part of it, or to strike something to or as if to remove a part of it;
e.g. She decided to chop off most of her hair because she wanted to try out a new style.
(verb)
to reduce the size or amount/quantity of something or get rid of it, especially in a somewhat extreme manner;
e.g. The company was forced to chop its spending because it wasn't earning enough income.
(noun)
a forceful blow, usually downward and often slanting, made with the hand or a tool like an axe;
e.g. It only took him one chop to cut the piece of wood in two.
(noun)
a cut of meat, usually lamb or pork, taken from the area next to (and often including) the rib;
e.g. I served myself a chop and some vegetables.
(noun)
(informal, British) the state of being suddenly removed from one's job, or broadly, the state of being eliminated from something, for example of being cancelled or killed (used as "get the chop");
e.g. They were scared that they would get the chop for making such a serious mistake.