A tiny unit of information storage consisting of an on/off switch is called a bit.

Here's why:

* Bit: The fundamental unit of information in computing. A bit can represent either a 0 (off) or a 1 (on).

* On/Off Switch: This represents the two possible states of a bit. Think of a light switch: it's either on or off.

Let me know if you'd like to learn more about bits and how they are used in computers!