Nope, that is an Immelman Turn, named for famed German WWI ace Max Immelman.

Lots of good advise so far. I will agree that having fun should be right up there, but learn a few basic maneuvers, and once you have them down, work on making them better. I say, "Making them better" because "Precision" is too strong a word.

So how do you make it better?

Well, let's start with your basic box pattern. Is it rectangular, or does the down-wing leg tend to arc around you? (Many people allow this to happen)

Do a Loop. Is it round?

Do a Roll. Did you lose any altitude? Did you come out on the same heading you went in on?

Those are the little things you can practice with basic maneuvers to start honing your skills for the future.