Volume percent or volume/volume percent most often is used when preparing solutions of liquids. Volume percent is defined as:
v/v % = [(volume of solute)/(volume of solution)] x 100%
Note that volume percent is relative to volume of solution, not volume of solvent. For example, wine is about 12% v/v ethanol. This means there are 12 ml ethanol for every 100 ml of wine. It is important to realize liqud and gas volumes are not necessarily additive. If you mix 12 ml of ethanol and 100 ml of wine, you will get less than 112 ml of solution.
As another example, 70% v/v rubbing alcohol may be prepared by taking 700 ml of isopropyl alcohol and adding sufficient water to obtain 1000 ml of solution (which will not be 300 ml). Solutions made to a specific volume percent concentration typically are prepared using a volumetric flask.