High Quality Content by WIKIPEDIA articles! In the broadest sense, the term impact crater can be applied to any depression, natural or manmade, resulting from the high velocity impact of a projectile with a larger body. In most common usage, the term is used for the approximately circular depression in the surface of a planet, moon or other solid body in the Solar System, formed by the hypervelocity impact of a smaller body with the surface. In contrast to volcanic craters, which result from explosion or internal collapse, impact craters typically have raised rims and floors that are lower in elevation than the surrounding terrain. Impact craters range from small, simple, bowl-shaped depressions to large, complex, multi-ringed impact basins. Meteor Crater is perhaps the best-known example of a small impact crater on the Earth.