Final answer:
The given polynomial is 5p^3 - 8. It is of the third degree and is a binomial, as it consists of two terms.
Step-by-step explanation:
The polynomial in question is 5p^3 - 8. The degree of a polynomial is determined by the highest power of the variable present. In this case, the highest power is 3 (in the term 5p^3), so the polynomial is of the third degree. Additionally, this polynomial consists of two terms: 5p^3 and -8. Thus, it is known as a binomial.