A slope can be positive, negative, zero or undefined, but what about the magnitude of the slope? It seems useful to recognize if the slope is steep (greater than $1$) or gentle (less than $1$) as much as it is positive or negative. Those words don't seem to be used in basic algebra, though.
Is there a mathematical term for telling if $|m|$ is greater than or less than one?

There is not any particular term but observe that $m=\tan \alpha = 1$ for $\alpha = 45°$ thus we can say that $|m|>1$ when the angle to go up or down is greater than $45°$.