What is the difference between a memo and a report?

I was in an interview for a finance job the other day and one of the questions I was asked was "What is the difference between a memo and a report?" I answered that a report is a detailed write up that includes a lot of information and explanations in sentence form and a memo is a shorter write up that presents information in a quick and easy to read way (bullets and numbering) that makes it easy to read and understand in a short amount of time. Does anyone know if I was right/what the difference is?|||Yeah, a memo is a brief summary or synapsis. A report is the full details