What do we mean by managed code?

Purpose:

• This question prods whether the developer has a proper grasp of the .NET framework and is familiar with terms that surround it's implementation.
• Familiarity with .Net constructs are a good sign that a developer knows what he/she is doing, a but its a better warning sign if a developer falters on these types of questions.

Potential Answer:
Managed code is a term that was coined by Microsoft and it is simply the computer program code that requires and will execute only under the management of a Common Language Runtime virtual machine (that is the .NET Framework, or maybe a runtime like Mono).