Wikipedia says that a graded $A$-algebra is just a graded $A$-module that is also a graded ring.
Question: when one says then "finitely generated graded $A$-algebra", does one mean that every element $s$ can be written as $s=\sum^N_{i=0} a_i g_i$, where $\{g_i\}_{i=1}^N$ is a generating set, or that it can be written as $s=\sum^N_{i=0} a_i \prod_{j\in I} g_j$?
Ravi Vakil proposes in an exercise:
4.5.D. (a) Show that a graded ring $S_\bullet$ over $A$ is a finitely generated graded ring (over $A$) iff $S_\bullet$ is a finitely generated graded $A$-algebra, i.e., generated over $A=S_0$ by a finite number of homogeneous elements of positive degree.
What I don't understand is how putting the word "algebra" instead of "ring" makes the difference that the former is supposed to mean generated over homogeneous elements and the latter by "any elements". Doesn't, in general, an $A$-algebra simply mean a ring over $A$, i.e. a ring into which $A$ maps (possibly not injectively), so that an $A$-action is defined?