I was having the same thought.
"Licensed and Flying" means it has had an annual in the last 12 months and good battery, both mags work, everything checks out okay for flight.
Airworthy might mean, nothing at all wrong with it last time it flew but the owner chooses not to fly it this year.
Flyable, might mean, yes you could start it and develop enough power to takeoff and fly around, but you really need to take a long look at it mechanically.
Ferriable- with some work, it could take to the air, and be flown to another location. Certainly not restored or capable of passing an annual inspection without further work. Say the fabric needs to be replaced or the props haven't been overhauled in more than 7 years.
"Could Fly" or (?) Airplanes that the engines run(but may be making metal) at least one magneto is good on each engine, controls are hooked up but probably not balanced, instruments are all there but probably couldn't be trusted in flight, and certainly many would be inop.
I just made these up and invite you guys to refine or correct.