In some subject areas, there are standardized/controlled vocabularies, generally codified in Thesauri. Use of such terminology is a sensible choice if the items of a collection fit reasonably well. There are lists of Thesauri (http://hilt.cdlr.strath.ac.uk/Sources/thesauri.html A-Z of Thesauri, and http://www.lub.lu.se/metadata/subject-help.html for Traugott Koch's summary).
In areas that do not fit with existing Thesauri, the collector's own terminology is the best starting place. The ontology is likely to evolve as the collection grows, and it's necessary to have the means to edit metadata for consistency.