Difference between managed code and managed data ?

Managed Code

Managed code is what Visual Basic .NET and C# compilers create. It runs on the CLR (Common Language Runtime), which, among other things, offers services like garbage collection, run-time type checking, and reference checking. So, think of it as, "My code is managed by the CLR."

Unmanaged Code

Unmanaged code compiles straight to machine code. So, by that definition all code compiled by traditional C/C++ compilers is 'unmanaged code'. Also, since it compiles to machine code and not an intermediate language it is non-portable.