A value exported after a terraform apply. Lets you expose resource attributes (IPs, URLs, IDs) for use in other modules or to display to the user. Declared with output {} in outputs.tf.
In Terraform Associate: outputs are the way to pass values between modules (module.name.output_name). They're also useful for post-deployment scripts that need values like the IP of a newly created VM.
Terraform Output is a concept that can show up on the exam. Check the full guide to see it in context.