Screen Resolution of a Command Line Terminal?

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http://askubuntu.com – I have disabled the automatic boot into Unity and am booting into a CLI tty with a login shell. While running the CLI login shell the screen resolution is fairly low and only utilizes a tiny portion of my widescreen. I do want to maximise the screen resolution but keep the fonts small. I am actually running this particular install in a virtual machine inside VirtualBox but will also apply it later to other "bare metal" installs on other machines. (HowTos)