The term mod is short for modulus, which in mathematics refers to the remainder after division. In the context of Python, the `mod` operator performs a similar function, allowing developers to find the remainder when one number is divided by another.

The mod operator in Python returns the remainder of the division of the left - hand operand by the right - hand operand. Mathematically, if we have two numbers a and b, a % b is equivalent to a - (a // b) * b, where // is the floor division operator that returns the quotient of the division, rounded down to the nearest integer.

Modulo operator (%) in Python gives the remainder when one number is divided by another. Python allows both integers and floats as operands, unlike some other languages. It follows the Euclidean division rule, meaning the remainder always has the same sign as the divisor.

The official Python docs suggest using math.fmod() over the Python modulo operator when working with float values because of the way math.fmod() calculates the result of the modulo operation. If you’re using a negative operand, then you may see different results between math.fmod(x, y) and x % y.