By pleading guilty, you admit that you committed the act charges, that the act is prohibited by law, and that you have no defense for your actions. 

A guilty plea will be considered a conviction and recorded as such on your criminal or driving record.  You may be subject to a state surcharge. 

Nolo Contendere – No Contest
A plea of nolo contendere, also known as no contest, simply means that you do not wish to contest the charges against you.  No contest has the same legal effect as a guilty plea. 

Not Guilty
A plea of not guilty means you deny guilt.  If you plead not guilty your case will be set for the next pre-trial hearing.  Following the pre-trial hearing, you will need to determine whether you want a bench trial (trial by judge) or a jury trial (six members of your peers).