Terminology
CVS labels a single project (set of related files) that it manages as a module. A CVS server stores the modules it manages in its repository. Programmers acquire copies of modules by checking out. The checked-out files serve as a working copy, sandbox or workspace. Changes to the working copy are reflected in the repository by committing them. To update is to acquire or merge the changes in the repository with the working copy.
Read more about this topic: Concurrent Versions System