Building on TheTicks answer:
Circular Runout is a two dimensional, surface to an axis control. The tolerance is applied independently at each circular cross section. When applied to a surface constructed around a datum axis, circular runout will control cumulative variations of circularity and coaxiality. Unlike total runout , it doesn't control taper.
Total Runout is a three dimensional, surface to an axis control. Total runout provides a composite control of all surface elements. When applied to a surface constructed around a datum axis, total runout will control the cumulative variations of circularity, straightness, coaxiality, angularity, taper and variations in the surface.
I also second, that checking with a V-block is not a good inspection process