Terms are the values on which mathematical operations take place in an expression. A term can be a constant or a variable or both. For example, in the expression ; and are terms. i.e. there are two terms in this expression.
Binomial is a polynomial which has only two terms.
Degree of a polynomial is the highest power of variable in a polynomial equation.
Now, a binomial of degree is a polynomial which consists of only two terms with highest degree