The term 'Allakazam!' is a magical phrase used to signify the completion of a trick or spell. It is often used by magicians and other performers to indicate that something extraordinary has happened. The crossword solutions for this term are 'PRESTO' (6 letters) and 'Voila' (5 letters). PRESTO is an Italian word meaning 'QUICKLY' or 'IMMEDIATELY', while Voila is a French expression meaning 'there it is'. Both words are used to indicate the sudden appearance of something, which is what magicians use to signify the completion of their tricks.