Hmm - the 'ping test' - "Packet InterNet Groper" - ('ping' command in windows console, runs 'ping.exe')is used to determine basic connectivity in a network, but if you do have a connection, it will also give round trip time for the 'ping' packet ( and TTL), so 'ping' can be the connectivity test, but still give a network transmission speed....
So as ever context determines usage...
Gamers use 'ping' when they mean 'latency', eg 'dooD ur ping suXors' when they mean 'the high latency of your connection is disrupting play old stick'
cheers!