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parental guidance 

The presence of a parent or an adult within earshot of a conversation that a teen is having with another teen with a topic they don't want the adults to know about.
while talking on the telephone:
Teen1:"So how was your date with the new hottie from school?"
Teen2:"Uhm...will tell you about it tomorrow..."
Teen1:"Oh! So there's parental guidance there now eh?"
Teen2:"Yup!"
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parental guidance 

The act of two lovers having sex on their parent's bed.
"we safe sex under parental guidance"
parental guidance by Maithrui October 6, 2004

PG (Parental Guidance) 

The need to employ a self imposed censorship on utilizing expletives when having a conversation with a friend in the presence of adults and/or uptight people.
Dude! Watch your language. PG (Parental Guidance)is in the room!