Is it what you've purchased? (aka. What the purchasing department tracks via a Purchase Order)
Is it what you've installed? (aka. What your inventory software detected)
Is it what's being used? (aka. What your license manager or reporting tools are showing)
Is it a document that defines what, how many, and where you "should" have installed the product? (aka. An SLA or license key file)
Is it a definition of what you are allowed to do with the product? (aka. A license agreement document)
Is it a bundle of products, or a single product?
Is it a standalone license, or a "floating" networked, pool of licenses?
Is it just an idea, or is it a tangible entity?
Can you hold it in your hands, or does it only exist as an arrangement of electrons?