When talking about passwords specifically in our reports (I work at a security company too), I tell our team to use the same language as NIST 800-63B, since its the best "standard" for passwords and authentication I can find.

The relevant bit here is this:

Verifiers SHALL store memorized secrets in a form that is resistant to offline attacks. Memorized secrets SHALL be salted and hashed using a suitable one-way key derivation function. Key derivation functions take a password, a salt, and a cost factor as inputs then generate a password hash.

They are specific about the type of KDF required: "one-way key derivation function".

The examples given later are PBKDF2 and Balloon.