Final answer:
The figure of speech in the phrase 'it looks like yellow plastic' is a simile, which uses 'like' to compare two different things for vivid description.
Step-by-step explanation:
The figure of speech used in the phrase "it looks like yellow plastic" is a simile. Similes compare two unlike things using the words "like" or "as", making the comparison evident. Hence, when something is depicted using a comparison to another object with the term "like", such as in the example provided, it is an explicit acknowledgement that the object in question is being figuratively compared to another to help the reader visualize or understand it in a more vivid or imaginative manner.