Wikipedia
Tool bit
A tool bit is a non-rotary cutting tool used in metal lathes, shapers, and planers. Such cutters are also often referred to by the set-phrase name of single-point cutting tool, as distinguished from other cutting tools such as a saw or water jet cutter. The cutting edge is ground to suit a particular machining operation and may be resharpened or reshaped as needed. The ground tool bit is held rigidly by a tool holder while it is cutting.
Usage examples of "tool bit".
As spread thighs are to the libertine, flights of migratory birds to the ornithologist, the working part of his tool bit to the production machinist, so was the letter V to young Stencil.