Standard implemented in Parity substrate has 8 runtime modules based on pallets. Here are the details for each section of the module.
Storage in each runtime module is the data the module will store and manage.
In module section, the documentation specifies details for two type of functions
Extrinsics are the function executed by clients
Module methods are the functions executed within the substrate runtime
Root methods are the methods that can only be executed by the governance vote or via a sudo key. Using sudo key is prevented and it is only available for the emergency where the network has to be shutdown.
Events are the messages emitted to the client once an extrinsic or module function is executed.
Abstractions are the trait where other modules can use it from its trait.