This document discusses lipids, which include fats, oils, phospholipids, and steroids. Lipids are composed of carbon, hydrogen, and oxygen and serve important functions in energy storage and cell structure. Fats are composed of glycerol bonded to fatty acid chains, which can be saturated or unsaturated. Phospholipids have a hydrophilic phosphate head and hydrophobic fatty acid tails, allowing them to form cell membranes with a bilayer structure in water. Steroids such as cholesterol are important components of cell membranes and are precursors to sex hormones.