Seems everything has a wiki now:

Cover version:
“The term "cover" goes back decades when cover version originally described a rival version of a tune recorded to compete with the recently released (original) version. The Chicago Tribune described the term in 1952: "trade jargon meaning to record a tune that looks like a potential hit on someone else's label". Examples of records covered include Paul Williams' 1949 hit tune "The Hucklebuck" and Hank Williams' 1952 song "Jambalaya"”


Standard (music)
“...a musical composition of established popularity, considered part of the "standard repertoire" of one or several genres. Even though the standard repertoire of a given genre consists of a dynamic and partly subjective set of songs, these can be identified by having been performed or recorded by a variety of musical acts, often with different arrangements.”


fyi: Standard (automotive) is the base trim level for a given model regardless of which package is most popular (typ: ST through LX &c.) For most of the 20th century the base model was the cheaper manual trans and automatic cost extra.