An acronym would spell out something using the first letter of every word. I came across "OBJECTIVES" standing for: One thing at a time, Be effective, avoid Judgments, cope with Emotions, consider Consequences, take Time, use Introspection, act consistently with Values, focus on desired Endings, balance Short-term and long-term goals.
I am not a teacher, but I am a native speaker.
Those are just called "First Letter Mnemonics" and are the most simple of all mnemonics. Most people only think of sayings such as this when they think of mnemonics. They don't really have a special name.