In Theravada Buddhism, bhikkhu is the term for monk. Their disciplinary code is called the patimokkha, which is part of the larger Vinaya. They live lives of mendicancy, and go on a morning almsround (Pali: pindapata) every day. The local people give food for the monks to eat, though the monks are not permitted to positively ask for anything. The monks live in monasteries, and have an important function in traditional Asian society. Young boys can be ordained as samaneras. Both bhikkhus and samaneras eat only in the morning, and are not supposed to lead a luxurious life. Their rules forbid the use of money, although this rule is nowadays not kept by all monks. The monks are part of the Sangha, the third of the Triple Gem of Buddha, Dhamma, Sangha.
In Mahayana Buddhism, the term 'Sangha' strictly speaking refers to those who have achieved certain levels of understanding. They are therefore called 'community of the excellent ones' (Tibetan: mchog kyi tshogs); however, these in turn need not be monks (i.e., hold such vows). Several Mahayana orders accept female practitioners as monks, instead of using the normal title of "nun", and they are considered equal to male ascetics in all respects.
The Bhikkhus are only allowed 4 items (other than their robes): a razor, a needle, an alms bowl and a water strainer.