I spent a lot years working specifically in commercial construction. In that arena, people talked about the level of the drywall finish in a scale that goes from 0-5.
Level 0 has no finish at all. Level 5, on the other hand, is the most finished it could be — the entire surface is covered with joint compound or plaster. In the middle, there are varying degrees of the level of finish.
Click HERE to see the USG product manual which goes through the degrees of finish with a detailed description for each.