Good description... now this is my super-simplified analogy: a transistor is simply a valve, and depending of how much current one applies to its gate (or how much you twist the valve's stem), the gate allows much more current to pass between the collector and the emitter. This valve can be completely closed, or completely open, or something in between...This description depends on the idea that the circuit is constructed correctly, the transistor is in its survivable range for voltage, current, and power dissipation, and such as that.
After you've understood this, then the rest is nuance... but important nuance, of course