The word "like bag bones" consists of three words that are spelled differently but when combined sound the same. The first word, "like," is spelled with the letters L-I-K-E and is pronounced /laɪk/. The second word, "bag," is spelled with the letters B-A-G and is pronounced /bæɡ/. The final word, "bones," is spelled with the letters B-O-N-E-S and is pronounced /boʊnz/. This spelling phenomenon is known as a homophone, which are words that are pronounced the same but have different meanings and spellings.