I would like to call them "Finished"!
In my part of the country PIGS (projects in a grocery sack) are guild swaps. You put your name and fabric you like in a grocery sack (usually 3 fat quarters or some specified amount) and people swap their sacks (unseen). Later in the year you get something made with your fabric (and any others the person decides to add on their own) back as a finished project - a lap quilt, purse, table runner, placemats, or anything else the person thinks you might like.