Parakeet

It seems that the American pet trade has created their own names for these birds which differs from the rest of the world, so if you live in USA and it is a pet you are correct.
Project Noah is primarily concerned with wild organisms and for the ornithological (birds) side we follow the internationally recognised naming lists, such as Clements (http://www.birds.cornell.edu/clementsche...) and in those you will find the official name is Budgerigar.
Budgerigars, Parakeets, Lorikeets, Parrots and many others are all members of the huge Parrot family which covers hundreds of species. The Budgerigar is just one species but breeding for the pet trade has produced many variations.
The scientific name you have is correct.
Here is an example of what a true Parakeet looks like: http://www.projectnoah.org/spottings/594...
There are some true Parakeets living out in the wild in USA so why not keep an eye out for them and see if you can photograph them.

This is a parakeet. I think i would know considering that ITS MY PET!!!!!!!

The Budgerigar ID is correct Anoosha, a Parakeet is nothing like this, it's usually larger and has a longer tail.