exact value
The true mathematical answer, computed with no approximation at all.
The exact value of a quantity is the mathematically precise answer -- \sqrt2 itself, not 1.41421356, and the true root of an equation, not an iterate that has merely gotten close to it.
Examples
\pi, \sqrt2, and 1/3 are all exact values; a calculator's 3.14159265 for \pi is not.
See also
Point table
Graph settings
Calculator