How are Last Activity date and Modified Time different?

How are Last Activity date and Modified Time different?

Is this still accurate? 

Account Last Activity Time field (zoho.com)

How are Last Activity date and Modified time different?

Another way to ask the question: What is included in "Activity"? Is this when any field is modified in a record? Is it an "Activity -> Task"?

What I need is to know if there has been no Note made, or email sent, or Task completed for a Lead within 3 days.