terminal strip
 

Sorry for the begineer question but I just don't understand these. What is the purpose for one? Why would you want to cut all the wires in your boat and locate all the cuts in one place.

facilitates repairs/trouble shooting

Makes adding accessories easier. ie: lights, guages, etc, etc.

Having 10 wires hooked to your battery is messy. Having 10 ground wires hooked to ground stud get's messy.

That said, there is a time and place for everything electrical - buss bars, fuse panels, breaker panels, remote lugs, etc,etc.....it all depends on your electrical needs and wants.

Are you trying to add something ? Or do you have an electrical mess on your hands (typical in used boats) ?