What is the difference between a reminder and an event in Google Calendar? Upon clicking on the plus sign in the Android Google Calendar app, I am offered with the choice to either create an Event or a Reminder.

What is the exact difference between the two?
I had read about this in Google forums I think but can't locate. However here is an article that explains the difference. More details in the article

Google explains that the difference between Events and Reminders is that the former is deleted irrespective of whether the event was attended or not. Reminders on the other hand shows up in Calendar until the task is accomplished — and yea, that’s pretty much the literature difference between the two, so nothing new here Google!
Until a reminder is completed users will be notified of the task by a message displayed on top of Google Calendar. Once the user has finished the task, the reminder can be swiped away from notification area. If you feel that this is a bit irritating then you can set the Reminder to a later time, similar to Events.

Aside, this doesn't work well on my Huawei Honor 6 running KitKat, with reminders getting skipped often- I didn't bother to investigate further