The flow of blood is called the cardiac cycle. This takes place, on average, about 70 times a minute.
The part of the cycle when the ventricles are contracting is known as systole ie ventricles are contracting with the atrio-ventricular valves closed and the semilunar valves open.
Diastole is when both ventricles and atria are relaxed, the atrio-ventricular valves are open, the semilunar valves are closed and the heart fills with blood.