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This is a high-speed 7/32" drill bit used to drill into the wall prior to inserting the drywall anchor AND to drill out your decks mounting holes (2 of them if hanging vertically, 4 of them if hanging horizontally) if your deck does not fit precisely over the black T-Nuts. The majority of Professional Skateboard decks manufactured in North America use a 7/32" bit for their truck hole size. This includes brands such as Element, Plan B, etc... Please note that drilling out your truck holes DOES NOT adversely affect the value, rideability, performance, etc.. of your deck.
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