Well, while you guys do have valid arguments and reasoning, i like to believe that Termina isn't even a real place at all, and that it was created by Skull Kid. i believe that since he had Majora's mask, that when he had all those emotions and memories, they created another world similar to hyrule. it would explain the similar characters and events. that being said, it would make it that the godesses had nothing to do with creating or naming it. going by my theory, if Skull kid made the world, he most likely also created the moon, and name, so it could mean that Skull Kid made the world so it could be destroyed, but since him and link both went there at the same time, Link prevented the destruction of Termina(te).