These terms are usually used in the world of computing to describe disk space, or data storage space, and system memory. For instance, just a few years ago we were describing hard drive space using the term Megabytes. Today, Gigabytes is the most common term being used to describe the size of a hard drive.
The precise form of the transformation law determines the type (or valence) of the tensor. The tensor type is a pair of natural numbers (n, m), where n is the number of contravariant indices and m is the number of covariant indices.
The next most complicated tensor is the tensor of order one, otherwise known as a vector. Just as tensors of any order, it may be defined at a point, or points, or it may vary continuously from point-to-point, thereby defining a vector field.