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For most game companies the development progression is something like this:

Tech demo or concept art demo - For pitching the game to publishers or management to get the game greenlighted

First playable - The most basic version of the game where someone outside the team can pick up a controller and do something

Alpha - all levels and major game features are in but game is still very buggy

Beta - all major bugs are gone. Ideally engineers are just sitting around for something to come up from the testing department

Gold Master canidates - Game is sent off to Sony or Nintendo for final TRC testing with all bugs fixed

Gold Master - Game image is sent off to be duplicated

Of course in reality Alphas end up looking like First Playables, Betas end up looking like Alphas, etc.