What is the name of the tool?


Forgive my absence of knowledge, but what is the name of the tool that one uses to measure the wattage coming out of ones speakers. I called it a watt meter to my family and got something that measures the watts and current coming from the outlet to the powered device I was using instead, for Christmas.  
rickytickytwo
The Illuminated Power Output Watt Meter on the MC501 is peak responding, and indicates the true power output of the amplifier
No, they measure voltage. Power would only be correct for a pure resistance. Examine loudspeaker impedance curves. Some of the more egregious ones have a 10:1 impedance ratio.
I'm curious as to why this is relevant. Obviously you are trying to measure this for a reason. Can you explain?
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Back in the '80's I had a VU/RMS LED display that 'tracked' either with reasonable accuracy.  Was 'bout 2"h.x9"w.x6"d. ....

VU was easy, a line input wherever you wanted to tap in.

RMS?  Forget how that was accomplished, but 30+ years wipes some details away....  But it did illustrate that 1 watt (average) into a living room could be loud enough....

The 'peak' readings, however, could be pretty substantial.  150 peaks could drive one out of the room...

Merry Post-New Year....