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(Comp Sci.)
Approximately one thousand bits, or exactly 1 bit x 210 (1,024) bits. 240 kilobits per second means 240,000 bits of information are being transmitted over a network per second (240 Kbps). Recall that 8 bits comprise a byte.

Bit = b
Byte = B
Examples:

kBps (Kilobytes Per Second)
kbps (Kilobits Per Second)
I downloaded at 50kbps.
Which is approximatly 50,000 Bits per second.
kilobit by VoiDeD May 1, 2005
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kilobyte 

(Comp Sci.)
A measure of computer memory or storage, a kilobyte (KB or Kbyte*) is approximately a thousand bytes (actually, 2 to the 10th power, or decimal 1,024 bytes).
I downloaded a 4kb large file.
So it is approximately 4096 bytes.
kilobyte by VoiDeD May 1, 2005
Related Words

kilobyte courage

The courage people have to write angry, hateful comments on Internet news stories.
Person 1: The comments on this story are so mean.
Person 2: Yep, kilobyte courage in action.
kilobyte courage by Sisco Kid April 16, 2010