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.