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The term that describes the opening in a lock or cylinder shaped to accept a key bit is "Key Way." This keyway is specifically designed to match the unique profile of a key, allowing it to slide into the lock mechanism when inserted properly.

The keyway's primary function is to guide the key into the lock while ensuring it interacts correctly with the internal components, such as pins or tumblers, to either engage or disengage the locking mechanism. Each lock has a distinct keyway that corresponds to a specific key design, making it a crucial aspect of the security and functionality of the locking system.

Other terms in the question refer to different elements of key and lock terminology. "Neuter Bow" relates to the part of the key that one holds while turning it. "Composite Keyway" may refer to a type of keyway that can accept multiple key profiles, which is not focused solely on the single opening design. The "Neck of Key" is the section that connects the bow to the blade of the key, rather than pertaining to the opening in the lock itself. Understanding these distinctions helps clarify why "Key Way" is the appropriate term for the specific opening in a lock.