Modulo is counting when knowing only a limited amount of numbers. E.g. modulo three, instead of counting
$$0,1,2,3,4,5,6,7,8,9,10,11,...$$
you count
$$
\underset{\color{lightgray}0}0,
\underset{\color{lightgray}1}1,
\underset{\color{lightgray}2}2,\;\;
\underset{\color{lightgray}3}0,
\underset{\color{lightgray}4}1,
\underset{\color{lightgray}5}2,\;\;
\underset{\color{lightgray}6}0,
\underset{\color{lightgray}7}1,
\underset{\color{lightgray}8}2,\;\;
\underset{\color{lightgray}9}0,
\underset{\color{lightgray}{10}}1,
\underset{\color{lightgray}{11}}2,...$$
As you can see, you will end up at zero whenever the actual number is divisible by three. So finding the nearest multiples of three will help you to find its value moldulo three.
Example. $362$ is close to $360=3\times 120$. Since it is two larger than $360$, it is equivalent to $2$ modulo three. As explained in the other answers you could have found this using division with rest.
The "$1/17$ modulo $120$" is just a short form of the question "what number $x\in\{1,...,119\}$ do I have to multiply by $17$ so that the result $17x$ is equivalent to $1$ modulo $120$?". In this case, it is $113$.