The power of terminal is known to one who use Linux and know the real power of commands. So for such geek people who often have to move to terminal again and again Tilda is the right option.
Tilda is the drop down console that appears on the top of the screen. Just press a key and console is thr.
1. Using Synaptic Package Manager (Ubuntu)
2. In terminal run command sudo apt-get install tilda
Once install Press F1 key and u will see a hanging terminal use it and press F1 again to hide. Isn't very simple.
Changing the preferences can be done at the right click of the console (Pressing F1).
Ease a life to great extent.