Usually strain names are fairly arbitrary and don't really much meaning, other than to distinguish one strain from another. The most common procedure, probably, is for a scientist to choose a few letters to distinguish his or her collection. The letters could come from the initials of his or her name, or the name of an institution, or a simple phrase. For example, the Bacillus subtilis geneticist Stanley Zahler worked for many decades at Cornell University; all of the strains in his collection were named "CU" followed by a serial number. The first strain he collected or constructed would have been CU1, the second CU2, and so on up into the thousands. The B. megaterium geneticst Patricia Vary chose to name her strains "PV" followed by a serial number. The Bacillus geneticist Donald Dean used "DB," for "Dean Bacillus." It really is an arbitray choice. The important thing is to have a system to keep the strains in a collection welll organized with unique names.
Bacillus subtilis is easy to grow. Many scientists simply use LB, since it is readilly available for use with E. coli and works fine for B. subtilis as well. Others use TSB broth and TSA agar. Nutrient Broth and Nutrient Agar work fine, too. Specialized media have been developed for specific purposes, such as spore formation (I like 2XSG for this purpose) or competence development. It really depends on the application. But for general growth, you probably already have a medium in your lab that would work--LB, TSA, or Nutrient Broth.
That was a very informative answer. Thank you so much for taking the time out for me. I am only going to look at the growth curve, do a CFU count over time in order to test dose-response toxicity of a compound. I think I will stick to LB as you suggested because that worked for E.coli well.