Final answer:
An argument or a parameter is the term used for a value containing data or code passed to a function for operational use.
Step-by-step explanation:
The term for a value containing data or code that is passed on to a function or procedure is known as an argument or a parameter. When you call a function, you provide these arguments so that the function can perform operations using the given data. The terms argument and parameter are often used interchangeably, but in some contexts, parameter refers to the variable as found in the function definition, whereas argument refers to the actual data passed. For example, if a function calculates the mean of three numbers, those three numbers are the arguments passed to the function.