setTimeout() : It can be used to schedule code execution after a designated amount of milliseconds.

function myFunc(arg) {
  console.log(`arg was => ${arg}`);
setTimeout(myFunc, 1500, 'funky');

clearTimeout()  :  It can be used to cancel timeout which are set by setTimeout().

console.log('before immediate');
setImmediate((arg) => {
   console.log(`executing immediate: ${arg}`);
}, 'so immediate');
console.log('after immediate');

BY Best Interview Question ON 12 Jun 2020