WIP -- Work in Progress. A quilt you are not finished with yet.
FQ -- Fat Quarter. A piece of fabric 18" x 22". You buy these already cut at your fabric store.
UFO -- Unfinished Fabric Object. Same thing as WIP.
OBW -- One Block Wonder. Type of quilt pattern. Others can explain this better than I.
FMQ --Free Motion Quilting. Quilting you do when you drop the feed dogs on your machine. Now you can quilt in any directions and make all kinds of patterns (feathers, circles, loops, etc)