Question

Taking The First Letter Of Each Word In A List Of Items And Using Those Letters To Spell A Name Or Thing Is Called A

Answer 1

If you mean something like
C-ute
A-gile
T-imid
Then that is called an acrostic.

Answer 2

It's called an acronym when you abbreviate a sentence based on the first letter of each word and an anagram when you make a new word out of a different word. Most likely the answer you're looking for would be acronym though