I don't guarantee that this terminology is universally consistent in the industry, but usage as I'm familiar with it says that if it's a perfect-bound stack of photocopied sheets of the first-pass typesetting, with a plain-paper cover, it's a bound galley.
An ARC, advance reading copy, is just like a bound galley, except it's bound in some version of the forthcoming book's color cover, probably laminated.
ARCs don't always look good. If they've used an early comp of the cover -- that is, a color mockup of what the finished book should look like -- it can be downright ugly. Some are nice, though.
Note: the first- and second-pass typeset pages are called galleys. Thus, a bound set of the first-pass pages, no matter what gets used as its cover, is a bound galley. Likewise, these advance editions can all be described as advance reading copies. It's purely a matter of nomenclature to refer to the ones with plain-paper covers as bound galleys, and the ones with laminated four-color covers as ARCs.
Neither bound galleys nor ARCs should have prices on their covers, unless the price is buried in the copy.
In the system I'm most familiar with, the title page of the forthcoming book gets used as the cover of the bound galley, and the catalog copy gets used as its back cover. This is definitely not universal, though it is fairly common.