Sorry for the newbie question but am I correct to say both of these schematics are representative of (push button) switches? If not what is the difference between them? Do they work differently? Thanks in advance.
The top one is a push button: Closed (making a connection) when you push it. As soon as you let go the contact opens again. Example: the keys on your computer's keyboard
Bottom one is a toggle switch, you flip it, it stays closed even if you don't touch it anymore. It opens when you flip the switch again. Example: the light switch in a room.
The top one is a momentarily switch, since its only connected momentarily.
The bottom one is a Maintained switch, the connection is basically maintain until it is modified.
You can also check the Momentary vs. Maintained section in this switch basics tutorial from sparkfun