For those new to computing [or at least those that were new in '88],
here is a list of the more commonly misunderstood terminology.

ACCESS TIME - The time between the instant at which information is called
  for and the instant at which management expects the final report.

ASSUMED DECIMAL POINT - Located two positions to the right of a 
  programmers current salary, estimating his own worth.

BLOCK DIAGRAM - Schematic gibberish.

BIT - The increment by which programmers slowly go mad.

BRANCH INSTRUCTION - Advice from a district office.

CHAINING - A method of attaching programmers to desks to speed up output.

CHECKPOINT - The location from which a programmer draws his salary.

COMMON LANGUAGE - The first thing a programmer must forget to be 
  successful.

COMPLEMENT - An antique, outdated form of speech once used to express
  appreciation.

CONSTANT - A type of pressure.

CONSTANT AREA - The stomach.

CORE STORAGE - A receptacle for the center section of apples.

COUNTER - A device over which Old Fashions are served.

DEBUGGING - Removing the needles from the haystack.

DIGIT EMMITTER - Sandals.

ERROR - What someone else made when they disagreed with your computer
  output.

EXTERNAL STORAGE - Wastebasket.

FIXED LENGTH WORD - Four letter words used by programmers in a state of
  confusion.

FLOATING CONTROL - A characteristic exhibited when you have to go to the
  rest room but can't leave the computer.

FLOATING POINT - The absolute limit before Floating Control is lost.

FLOW CHART - A graphic representation of the fastest route to the coffee
  machine.

FORTRAN - Fortunately Our Readers Take Refreshers At Nightschool.

GARBAGE - Highly aromatic computer output.

HIGH SPEED PRINTER - Wife writing checks.

HOUSEKEEPING - Letting the next person clean up your mess in the computer
  room.

INDEX REGISTER - Constant source of irritation.

INPUT - Food, whiskey, beer, excedrin.

INTERNAL SORT - The stomach, liver and kidneys keep changing positions.

KEY PUNCH OPERATORS - The best informed source of information regarding
  the weaknesses of the system, new large scale computers and night clubs
  to hang out at.

LIBRARY - An organized collection of obsolete material.

LOGICAL OPERATION - Getting out of Data Processing to marry a rich widow.

LOW ORDER POSITION - The programmers position in the chain of command.

MACRO - The last half of an expression:  for example "Holy Macro".

MATHEMATICAL MODEL - 46-26-38.

MATHEMATICAL CHECK - The renumeration received by a mathematical model.

MEMORY DUMP - Amnesia.

MICROSECOND - The amount of time required for a program to hang up.

NUMERIC - 46-26-38

OFF LINE - Failure to pass a sobriety test.

ON LINE - Full, but not drunk.

OVERFLOW - The result of being too much "Off Line".

PARAMETER - The abolute limit beyond which the secretary yells for help.

PROGRAMMER - Red eyed, mumbling mammal capable of conversing with 
  inanmiate monsters.

OPTICAL SCANNER - Male visitor in the keypunch section.

SPECIAL CHARACTER - A character which is out of the ordinary, different
  a resident of Greenwich Village.