Cover with tarp or plant annuals?

[ApplesTheHare]

We moved in December and our new garden is a steep bank with a large terrace cut into it. This bank is basically weed covered so weeding and planting ground cover type stuff is ongoing. The terrace is currently bare as the old owners had a large chicken pen there, but now weeds are starting to pop up all over the place. Longer-term I'd like to landscape it and build a sun terrace next to another lawn, but right now funds are limited. For this year I don't want to keep weeding it, and I'm reluctant to invest in planting perennials. Should I just cover it with a big tarp? Or would it be better to sow a load of wildflower seeds or something? Help!