In the below example, the black and white “ref jersey” icon in the second column indicates that American Anthropologist is refereed (peer-reviewed).
While the terms "Academic" and "Scholarly" can often be interchanged, they do vary:
Academic Journals: Defined as journals that publish articles carrying footnotes and bibliographies, and whose intended audience is comprised of some kind of research community. It is a broad classification that includes both "peer-reviewed" journals as well as journals that are not "peer-reviewed" but intended for an academic audience.
Scholarly (Peer Reviewed) Journals: Defined as journals that are intended for an academic audience and have undergone the peer-review process.
Peer review is an extra layer of scrutiny of academic articles and is thus the highest standard of academic publication. It is important because:
Sources: EBSCO; Kelly J, Sadeghieh T, Adeli K. Peer Review in Scientific Publications: Benefits, Critiques, & A Survival Guide. EJIFCC. 2014 Oct 24;25(3):227-43. .