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The 7-bit character set that consists of 128 characters is known as ASCII, which stands for American Standard Code for Information Interchange. ASCII is primarily designed to represent text in computers and other devices that use text. Each of the 128 characters in this set includes standard English letters, digits, punctuation marks, and control characters. The use of 7 bits allows for a total of 128 distinct combinations, which is sufficient for representing these basic characters.

In contrast, Unicode is a much broader character set that encompasses a significant number of characters from various languages and symbol sets, requiring more than 7 bits to encode many of its symbols. ISO-8859-1 is an 8-bit extension of ASCII that supports additional characters for Western European languages, increasing the number of possible characters to 256. UTF-8 is a variable-length encoding system that represents Unicode characters and can use one to four bytes, depending on the character. Therefore, the name specifically associated with the 7-bit character set consisting of 128 characters is indeed ASCII.