Final answer:
A synapse is the space between two neurons or a neuron and a receptor, facilitating neurotransmission with the release of neurotransmitters. A bundle of axons in the peripheral nervous system is known as a nerve, not a ganglion.
Step-by-step explanation:
The space between two neurons or between a neuron and a receptor organ is known as a synapse. A synapse is crucial for neurotransmission, which is the process of signaling between neurons. The synapse comprises the axon terminal of the presynaptic neuron, the synaptic cleft, and the dendrite or cell body of the postsynaptic neuron. Neurotransmitters are released into the synaptic cleft and bind to receptors on the postsynaptic neuron to continue the transmission of the nerve impulse.
As for the question regarding the bundle of axons in the peripheral nervous system, the correct term is nerve. A ganglion is actually a structure containing a number of nerve cell bodies, typically linked by synapses, and often forming a swelling on a nerve fiber.