Concept:
Specific gravity is a dimensionless quantity that compares the specific weight (or density) of a liquid with that of pure water at a standard temperature.
It is defined as
\[
\boxed{
SG=\frac{\gamma}{\gamma_w}
}
\]
where
\[
\gamma=\text{Specific weight of the liquid},
\]
and
\[
\gamma_w=\text{Specific weight of water}.
\]
Since both quantities have the same units, specific gravity has no unit.
Step 1: Understand the definition.
Specific gravity compares the heaviness of a liquid with water.
If
\[
SG>1,
\]
the liquid is heavier than water.
If
\[
SG<1,
\]
the liquid is lighter than water.
Step 2: Identify the required quantity.
The given definition exactly represents
\[
\boxed{\text{Specific Gravity}.}
\]
Therefore, the correct option is
\[
\boxed{(B)\;\text{Specific gravity of liquid}.}
\]