Final answer:
The term that represents all partially completed units in production is Work in Progress (WIP), including all materials, labor, and overhead costs invested up to the measurement point.
Step-by-step explanation:
The term that represents all partially completed units in production at a specific point in time is Work in progress (WIP). This is because Work in Progress refers to the materials and goods that are in the process of being manufactured but are not yet complete. This includes all materials, labor, and overhead costs that have been invested in the units up to the point of measurement. In contrast, Finished Goods refer to products that have completed the manufacturing process and are ready for sale. Raw Materials represent the basic materials that are yet to be processed. Scrap pertains to the waste or remnants from the production process that is often reusable or recyclable in some industries.