I consider things that I am once in awhile working on "WIPs". UFO is something that has laid there so long it is obviously abandoned and I have no desire to go back to it. I have a quilt I've been working on over two years now. I drop it whenever a small project comes up that I want to work on, but I do work on it once in awhile. I consider it a WIP, not a UFO. Another project I started and then dropped entirely for two years - that was a UFO.
If a quilt isn't bound, I consider it unfinished.