To a degree this is true, but there is also significant value in having (and retaining) that broad base of knowledge that a good CS program or some systematic personal studies will get you. Most of the time you're not going to get a "implement this algorithm" you're going to get a "solve this problem we have" and you need to know the standard tools that are available to get you to a first approximation solution.

Depending on what their listed requirements were, I think it's reasonable to expect you to know standard terminology, though I wouldn't count it against you if you asked to be reminded of the details for one or two things.