Like all careers, jobs, and professions there are just intrinsic things you should know. Terminology that will allow you not only to grow in the field but converse with others in the field as well.

Language is a huge part of life and not knowing important terms can make you appear green, inept, and sometimes even unprofessional. Now I am not saying you need to know every little thing, every obscure term but common knowledge items are absolutely a must.