A monolight is a self-contained light source in which the flash head contains the lamp, modeling light, cooling fan and power supply, as opposed to component systems featuring separate heads and power packs, which are commonly referred to as generators, power packs or pack-and-head-systems. Depending on the make and model, most monolights also feature infrared (IR) slaves, radio slaves or a combination of the two.

It’s called marketing. In the real world they’re one and the same.
Monolights have several benefits. Unlike component systems, which are tethered by power cables measuring a certain number of feet in length, monolights are self-contained, and as such can be positioned further from one another without having to add the power-robbing extension cables that connect heads and power packs. You lose about ¼-stop of light output each time you add a cable connection with a component system.
The lack of cables also makes it easier to hide your lights from view behind walls, columns, etc., without having to bury cables under the rugs or carpeting (assuming there are rugs or carpets) or retouch them out after the fact.
Many location photographers prefer monolights because, depending on the make and model, monolight systems are more compact than most component flash systems, though it should be noted that both Dynalite and Comet manufacture extremely compact component-based flash systems.
Lastly, unlike component flash systems in which a failed pack can put up to four heads or more out of commission, if you blow the power supply in a monolight, only one head is sidelined.
The downside of monolights is that unlike component flash systems, with which you can control the power output of multiple flash heads from a single control panel, with monolights you have to adjust the output levels of each head individually, from the control panels located at the rear of each head.

A workaround to this problem is to use remote power controllers. These are manufacturer specific and they're designed to control monolight power levels.
The best choice is whichever type of system best fits your needs. You can’t go wrong either way.
Absolutely, and since flash systems communicate via IR or radio control, you can even mix brands, though you can’t mix packs and heads from different manufacturers.
Monolights are available in a power range of 160 to 1500 watt/seconds.
Depending on the make and model, monolights can be used with any number of OEM and third-party accessories including umbrellas, softboxes, strip lights, reflectors, grids and snoots. In almost all cases, these same accessories can be used interchangeably between monolights and component flash systems from the same manufacturer.

Both. They are available as kits or á la carte.
Monolights are available in 120V, 220-230V, and multi-voltage configurations.
No, in fact many of the newer fluorescent-based lighting systems are self-contained monolights, as are most tungsten, LED and HMI lighting systems.
The Takeaway