If you enter a plea of GUILTY, you are admitting that you committed the offense, and if the arrest report contains the necessary elements, you will be found guilty and a penalty will be imposed.
If you enter a plea of NO CONTEST you are neither guilty or not guilty, but merely want to have the matter resolved and pay the penalty. The effect of this plea is that you will be found guilty, but you will not be admitting your civil liability for use in other litigation, which should be expected where personal injury or property damage is involved.
If you are convicted, you will be given an opportunity to make a statement before the Court examines your conviction record and sets the penalties.
Should you need time to pay the penalty, the Court may grant you a reasonable time to pay.
If you enter a plea of NOT GUILTY, you deny committing the offense and the matter will be adjourned to a later date for a court trial.