We refer to an explosive called TNT, but the name is derived from the chemical formula of the explosive. In creating terminology and having your characters use it, keep in mind the situation characters are in. There is a time and place for everything. In designing your world and it's terminology for technology, be aware of how immediate and sudden situations affect communication. When writing, be especially aware of this - otherwise your story may sound odd.
Different people have different knowledge, interest, and ways to refer to technology.
If you were writing such characters in a story, they would speak differently - maybe even to the point of confusing each other. Know the different social roles, backgrounds, and personal inclinations that may affect terminology in your world. A wizard may refer to his spells by a complex old language, a scientist may insist on proper terminology for chemicals, an engineer may mix salty language with long strings of description. A character may also handle context and immediate situations differently. Thus a scientist may well use long scientific terms constantly - much to the annoyance of others.