A line is made up of a large (infinite) number of points. When we say a point is on a line, we mean that it is one of the pints that form the line.
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It is the mid-point of a line segment that has end points
The point lies 1 unit below the regression line.
It the point is on the line the distance is 0. If the point is not on the line, then it is possible to draw a unique line from the point to the line which is perpendicular to the line. The distance from the point to the line is the distance along this perpendicular to the line.
If you mean the point of (-1, 6) then it lies in the 2nd quadrant on the Cartesian plane
Yes, a line and a point can be on the same line. A point can be placed on a line. It will then be collinear.