not sure if this has been brought up previously or not but would like to ask what is the difference between I/O Expansion Board and I/O Expansion Shield?
Are they both the same thing only different name or they are totally different with different applications?
It depends.
I/O expansion shields - which mount on or below the UNO or Mega - tend to be merely designed to provide distribution of the primary ports on the microcontroller, such as this:
or this:
Or secondary functions such as this:
While I/O expansion boards provide extra I/O via I2C, such as this:
which is in fact, directly chainable to provide more and more I/O (with some limitations).
There are lots of ways to get expanded functionality.
The Arduino and expansion could be combined - for example, this board I offer with 328P for Arduino functionality and 12 high current shift registers for controlling lots of LED strips for example: