The Micronational Cartography Society has never had an official policy on continent names, but certain common designations have arisen for most of the landmasses on the MCS Map.
The westernmost large continent, on which the Shirerithian Duchies of Goldshire and Brookshire are located, is commonly called Benacia after the Commonwealth of Benacia that once spanned the land mass. Properly, Benacia is also the name of a small island to the continent's south which once served as the Commonwealth's capital. This continent is generally considered to include the islands of Hyperborea, Istvanistan, and the archipelago that makes up Shireroth's Duchy of Yardistan.
The largest continent on the map, featuring Kildare, Terre d'Riches, Treithar, and Antica, is called different things by different people. The Apollonians tend to call it either Apollonia or Audentior, after the culture or the country that once existed upon it. The Babkhans and Slobovians tend to call it Prinitica, after the short-lived Slobovia-based empire that one occupied its center. It is this usage that makes the Babkhans call their occupied Treesian colonies Babkhan Prinitica.
The large continent to the far east has never had an agreed upon name. The Atterans have occupied most of its center for many years, and it has occasionally just been referred to as "the Atteran continent".
The continent to the far southwest, currently inhabited by Treisenberg, was created more recently than the other continents and given the name Cibola by Ryan Caruso. The people of San Martin created a feeling of inter-Cibolan unity, and the nations that occupy it tend to have a similar group of people and philosophy.
To the east of Cibola, occupied by Gotzborg, Anthelia, Natopia, Lavalon, Rio Grande and Alexandria, is the continent of Novasolum. The continent's name, as well as several other salient features, was decided in a conference between the nations occupying it, unique among all the MCS regions. In the early days of the MCS Map, the continent was entirely occupied by the nation of Tapfer, and is still occasionally called the Tapfer Continent.
The continent entirely occupied by Babkha is called Eura, after the name given in Babkhan fictional history. Eura is the only continent historically entirely occupied by a single nation, though not for lack of trying on Shireroth's part. After the whole GSO thing, however, Babkha has been having problems trying to get their land back from the CIS. The Babkhans call the smaller continent to the east Lesser Eura.
Most of the larger islands are named after the countries that originally occupied theme. The island that is currently Stormark was once Lyrica. Similar rationales apply to Istvanistan, Hyperborea, Treesia, and Terra Firma. Smaller islands are often named after micronationalists from before 2000 - thus Madison Isle (for Ben Madison), Lindley Isle for Iain Lindley, and the Franz Isles for Jason Franz. Islands in old Apollonian territory tend to be named for all sorts of things. The Accursed Isles, those raised in 2004 by Ryan Caruso to add map space, are mostly named after places from myth.