Restored = Looks like factory. Labels should be clean, metal should be plated/polished. All parts (top and bottom) should look new, both cosmetically and mechanically. Electronics should be clean, tidy, and fully functional. Should not have significant omissions like lacks backbox printing, rusty receiver, hacked boards, etc.
(if you aren't doing full tear-downs and sending stuff out to plating, washing harnesses, etc... you aren't going to be a 'restored' game)
Refurbished = Game is brought back to 100% function and completion. Game should be clean, but may have some defects that would only be fixed by a full restoration (playfield wear, plating issues, old dirty harnesses, repaired parts, worn ramps, etc). Relevant modernizations should be included (ground plug, updated lighting, etc). What is 'too much' to be overlooked here is difficult to define unilaterally but it usually is based on 'how much effort' or cost vs return. Purely cosmetic things with little return may persist, but should be noted. (Ex: unobtainium ramp is cracked, but functional, no replating coil brackets, etc). Things should be clean, but do not need to be 'like new' where it doesn't matter. No 'white glove' level here.
I would not expect a refurbished game to have 'all new coil wrappers' or flawless cabinet. A refurbished game can show its age, a restored game should not.
Shopped - The game is brought back to 100% functional, should be clean on all the top (not just where you can reach). Lights and rubber should be fresh, all mechs should work and be reliable. Replacements that are purely cosmetic (like cabinet touchups, repainting old wear, broken plastics, etc) should not be assumed, but significant issues should be noted. Ex: head is scratched up, Main ramp cracked, substitute parts used, etc). Do not expect Modernizations by default.. but if added, they should be noted.
Complete and Functional - Game should play and reliably. Any major cosmetic and mechanical deficiencies should be noted. Expect the game to show it's age.
As-In
Unknown
