That depends on whether you are doing cumulative archival backups such as Time Machine® or overwrite backups used as the default of most backup utilities. In the case of the former, the minimum size of a backup drive should be 3x the capacity of the source drive. In the case of the latter, the backup drive should be the same size as the source drive.
Time Machine® backups can be transferred to another drive by using the Restore option in Disk Utility or other disk cloning software. Other backup utilities can usually be copied, cloned, or other file by file transfers using appropriate utilities such as the backup utility.
It's important to learn how Time Machine® works because despite its apparent simplicity, the underlying engine is quite complex. I'm, personally, not a fan of Time Machine®. The utility I prefer using is Carbon Copy Cloner. It, too, is fairly complex but easy to use for basic backup, syncing, and file copying work.
The words used to refer to a "storage" device varies. I find myself switching between "Disk" and "Drive." Then, we have to deal with the difference between the physical device, i.e., the "Drive" and the logical device, i.e., a "Volume." In the old days a volume was interchangeable with a partition. But these terms are changing with the newer filesystems various operating systems use. If you open Disk Utility and set its "View" to "Display all Devices," then you will see devices listed in a hierarchy. At the top of the hierarchy is the physical drive itself. Below that you see the logical device(s) or volume(s).
Today, we also have to distinguish between Solid State Drives (SSD) and Rotational or Hard Disk Drives (HDD). Both are called "drives."
I hope this clarifies or answers your questions.