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• Web Space (Disk Space) : The amount of physical space that you have to store your files (pages, images, videos etc).
• Bandwidth : How much data can be transferred from your host to visitors. Hosts usually limit the amount of bandwidth on a monthly basis.
• Shared Hosting : A hosting situation where hundreds or even thousands of websites are stored on the one physical server.
• VPS : Stands for Virtual Private Server. A server is partitioned into several or more virtual drives. Each one can be modified and used in the same way as a dedicated server.
• Dedicated Server : A server which is solely used by one customer (i.e. it is not shared with any other customer). The user has full control over everything on the server.
• Cpanel : A popular hosting admin panel.
• Plesk : A popular hosting admin panel.
• Terms Of Service : The terms and conditions of a hosting package. They usually include details over usage policies, spam, payment details and cancellation terms.

Source:bloggingtips.com