The correct answer is 'Extended Binary Coded Decimal Interchange Code' because EBCDIC is a character encoding scheme developed by IBM that uses an 8-bit binary code to represent characters. The term 'Extended' signifies that it is an extended version of the original BCDIC (Binary Coded Decimal Interchange Code) which was a 6-bit code. This makes 'Extended Binary Coded Decimal Interchange Code' the most accurate and specific description of what EBCDIC stands for.