Final answer:
A byte, which consists of 8 bits, is the binary term used for the amount of data that represents a single character. One million bytes are referred to as a megabyte (MB), with each kilobyte (KB) being 1,024 bytes.
Step-by-step explanation:
The binary term used for the amount of data that represents a single character is a byte. A byte consists of 8 bits, and is the standard unit used to quantify computer memory and storage capacity. In addition, multiplicative prefixes are applied to bytes to represent larger quantities of data. For instance, one million bytes is typically referred to as a megabyte (MB). It's important to note that in the context of computer memory and storage, a megabyte is commonly defined as 1,024 kilobytes (KB), where each kilobyte equals 1,024 bytes, though for simplicity it is often rounded to one million bytes in everyday usage.