A slip-fit spout has an internal assembly that slips over a copper pipe.
The spout has an opening on the bottom side where a setscrew is tightened to hold the spout onto the copper pipe.
A slip-fit spout does not contain threads.
NPT refers to a standard thread size in the plumbing industry.
An NPT spout has internal threads for threading onto a pipe nipple.
The spout has an opening on the bottom side, but there is no setscrew. The pipe nipple would be visible inside the opening.