Generally they mean 'end', however, as CaLLmeMaD points out in this very discussion
τέρμα can also mean the finish "finish line"
Additionally, τέρμα is used for 'goalposts', plus 'scoring a goal'.
I don't know if this interests most people, but there's a famous problem in Romans 10:4, what Paul means when he refers to the τέλος of the Law, does he refer to the Christ as the end of the Law or the goal of the Law? Anyway, a modern Gk translation I checked just keeps the same noun so nothing is resolved. Ἐπειδὴ τὸ τέλος τοῦ νόμου. I checked to see if maybe it would have τέρμα instead. The following comment, however, interprets τέλος as τέρμα, which in that context probably means "end" (but I'm not sure after reading about the polyvalency of both words): http://users.sch.gr/aiasgr/Kainh_Diathikh/Pros_Rwmaious_Epistolh/Pros_Rwmaious_Epistolh_kef.10.html I appreciate the discussion here about the senses of τέρμα, such as finish line and goal post.