You're right about objects, but for sprites "hit" and "collision" do the exact same thing.
Ex. Arrowkeys move
sync on
sync rate 60
randomize timer()
cls rgb(rnd(255),rnd(255),rnd(255))
get image 1,0,0,49,49
sprite 1,screen width()/2,screen height()-50,1
offset sprite 1,25,25
cls rgb(rnd(255),rnd(255),rnd(255))
get image 2,0,0,49,49
sprite 2,rnd(screen width()-25),rnd(screen height()-25),2
do
sync
move sprite 1,(upkey()-downkey())*3
rotate sprite 1,sprite angle(1)+(rightkey()-leftkey())
set cursor 0,0
print "Sprite collision: "+str$(sprite collision(2,0))
print "Sprite hit: "+str$(sprite hit(2,0))
loop