Final answer:
Homologous structures are physical features in different organisms that are similar due to inheritance from a common ancestor, and are important for understanding evolutionary relationships.
Step-by-step explanation:
The phrase that best defines the term homologous structures is: structures that are similar in related organisms because they were inherited from a common ancestor. These structures are derived from the same embryonic tissue and may or may not perform the same function in the descendants.
For instance, the bones in a whale's front flipper are homologous to the bones in the human arm, highlighting the shared evolutionary past despite their different functions in these species. Homologous structures are crucial for deciphering the phylogeny and evolutionary relationships among organisms.