"Guest" account in OSX?

Name says it all.  Long story short, when I'm not at my macbook, others can use it without my discretion.  How do I make an account, which I'll call "guest" or something, with limited permissions?  sorry if this is a dumb topic, but I'm new to OSX.

You ARE aware that you can have the screensaver require a password?

If you want to create a guest account then you create it the same way you would create any other account, then make sure it doesn't have admin privs and finally activate whatever "parental controls" for the account you feel necessary.