Actually it stands for Digital Volt Meter.

However, the term is really used for meters that can do (much) more the just measuring Volts (electrical tension).
We, in Holland, call them "multimeters" which is (a bit) better term for it.
Anyway, those things can measure AC and DC voltage, amperes (current), resistance and usually have also a test mode for diodes/continuity check ("beep mode"). Some others have Capacitor measuring (which is mostly completely useless) and sometimes other things.
Here's the one I use:

I love this one....As few as possible push-buttons...