3 = 120/40 =>
1. Name of the quantity: constant of proportionality
2. Interpretation in the context: It is the the ratio of mass to length of the string. You can call it the linear density of the string, because it is mass / length, whose units are g / cm. It means that every cm of string has a mass of 3 grams.
3. Mass of 7 cm
7 cm * 3 g/cm = 21 g.