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A byte is the storage unit of a computer that is used to hold information corresponding to one character. In byte addressable computers, a byte is also the smallest addressable unit. Byte is a rewrite of bite (a piece). The rewrite has been made to avoid confusion with bits. Originally a byte consisted of up to 6 bits, but today it is almost always 8 bits. Kilo means a thousand, but within IT it means 2 ^ 10 = 1024. Mega (M) is 2 ^ 20. Giga (G) is 2 ^ 30. Tera (T) is 2 ^ 40. Penta (P) is 10 ^ 50.
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