Any single race which determines the final places and times in an event. There can be 1, 2, or even sometimes 3 heats of finals. Generally these Heats are called:
Fastest Heat A-Finals or Finals
Next fastest B-Finals or Consolations
Next fastest C-Finals or Bonus
MM defaults to the name "A-Finals" and "B-Finals" but you can change them to anything you want in the Language Preferences section.