High Quality Content by WIKIPEDIA articles! The term tool bit generally refers to 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. 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.