"Red-marked copy": A draft text with changes highlighted?

I always thought of "red-marked copy" as a standard way of referring to a draft text in which the changes from a previous draft are highlighted. After casually using it when talking to a fellow member (BE as first language) of the university lab I am working at and generating confusion, I looked it up on Google and discovered that there are only about 2k results found.

So I am wondering:

1. Is "red-marked copy" a common expression? Is there any meaning other than a copy tracking changes by highlighting?
2. Is there a more universally accepted term to refer to a copy tracking changes to a document?

Thank you very much in advance!