Race Car Terminology Explained

[Quarrycars]

Under steer.......You hit the wall with the front of car.
Over steer.........You hit the wall with the rear of car.
Horsepower.......How fast you hit the wall.
Torque..............How far the wall moved when you hit it

[Richard]

Excellent summary 

['The Gaffer']

Excellent summary 

Agreed

[Denzle]

Nice one.   You just hit the nail on the head. (Bent)

[David H]

spot on.

[Quarrycars]

Another apt description:
Oversteer........the passenger gets scared
Understeer......the driver gets scared