Glenn;
good post.
that would be a feeder, let's play with branch circuits just for fun!

Let's run 4 UF 12-2's
Let's terminate in a large metal switch box with 4 -20A single poles ( 230-80)
Then lets run a GEC from the box down to a few G-rods (250-32)

Now don't flame me thinking that I go around doing this sort of installation. It's rather that i go around having to deal with messes like this !