Glossary Term: Anchor
Anchor link usually includes a hyperlink with an url destination and a title. Each hyperlink destination is consider a vote to the other site. Usually more important site will receive more votes, as it usually means more site use reference to it. As a result, the site which receive more vote will receive a higher PageRank.
Anchor text is the click through area for user to access the destination url. It is very important in performing Search Engine Optimization (SEO). The text uses for the other site to link to you most likely briefly describe your site category.