Answer:   The steps for executing a managed code are as follows:
• Choose a language compiler depending on the language of the code.
• Convert the code into Intermediate language using its own compiler.
• The IL is then targeted to CLR which converts the code into native code using JIT.
• Execution of Native code.

Answer:   Managed code is a code whose execution is managed by Common Language Runtime. It gets the managed code and compiles it into machine code. After that, the code is executed. The runtime here i.e. CLR provides automatic memory management, type safety, etc.