Thanks to WoodCarving Illustrated Magazine for this article. Lots of great photos and explanations of carving bits.
Make smart purchases with a basic understanding of the cutters available
In power carving, the bur or bit is the part of the tool that does that actual wood removal. The power carving tool, such as a flexible shaft machine or micro motor, spins the bit at a high speed and the cutting surface or abrasive on the bit removes the wood. Power carving bits go by names such as burs, cutters, carvers, stones, and discs.