Absagen vs stornieren vs annulieren vs aufheben vs kündigen

I have been checking what the different words mean with “https://www.collinsdictionary.com” plus “https://www.youtube.com/watch?v=H3rzXLMWWaE”.
Absagen:
Meaning: to cancel, to call off, to revoke
Stornieren:
Meaning: to cancel, to reverse
Annullieren:
Meaning: To cancel, to withdraw
Aufheben:
Meaning: Has several meanings, but some of the meanings are to abolish, to cancel, to quash, to break off
Kündigen:
Meaning: To terminate, to resign, to discontinue

Question:
My understanding of how the words should be used are the following. Please let me know if my understanding is correct.
Absagen:
Used when you want to cancel an event or an appointment e.g. meetings, events, dental visit etc.
Stornieren:
Used when a reservation is being cancelled e.g. orders, bookings, travel, payments etc.
Annullieren:
Same as stornieren, but can also be used for stuff which is not a contract or an order e.g. “Unsere Entscheidungen sind annulliert worden, und wir müssen uns an das Gesetz halten.” = “Our decisions have been annulled and we must follow the law.”.
Aufheben:
Same as “Annullieren” but less used.
Kündigen:
Same as “Stornieren” but can also be used if someone is being dismissed or you resign from your job
 

Hallo RexV, 

Everything sounds correct to me. 

Good work!

Liebe Grüße, 
Leah von Rocket German

Super! Thanks!

By the way. 

How should "Abzusagen" be used? 

From checking the word I get to the same as "absagen" not not 100% sure

Hallo RexV,

Absagen and abzusagen are actually the same verb.

Absagen is the infinitive form, and it's one of those verbs that has a separable prefix. That means that the preposition attached to the front of the verb, ab, comes off and goes to the end of the clause when the verb is conjugated - for example: Ich sage das Meeting ab "I am canceling the meeting." You can find a short explanation and more examples of separable verbs in Level 2 Lesson 12.6: Inseparable Verbs (Part 1) (https://members.rocketlanguages.com/members/german/lessons/2691).

Abzusagen is a slightly different form. You use zu in front of infinitives in what are called "infinitive clauses" (like in this example from Lesson 4.7: Ich liebe es, zu reisen "I love to travel. (lit. I love it, to travel.)"), but when you're dealing with a verb that has a separable prefix, the zu goes between the prefix and the main verb; in our example, this creates abzusagen.

I hope that that was helpful! 

Tschüss!

Liss