BC--Bellcrank
Material Allowables--The published minimum properties of the material that are traceable to standard testing. This is easy with metals, which are generally isotropic. Much different with reinforced composites. Most of this test data is generated by a significant number of repeated tests (test coupons) allowing a statistically significant result.
Comp Strength--Compression Strength. You generally don't differentiate this from tensile strength for metals, but for composites it is a big deal. Note in the table that the difference between the two for Phenolic is a factor of 4. (The table is simplified. You actually need to know more things, but I didn't think it important to clutter things up.)
"Knockdown Factor"--a term used to include many things, such as the reduction of strength of plastic as used in a propeller due to significant temperature increases around the hub from engine heating. Also applies to fighter jet wings and structure due to friction heating (stagnation temperature). The knockdown factor will be unique to the load case and is based on materials test data.
FOS--Factor of Safety. This is a historically interesting factor that has always been applied to aircraft (and most everything else) to take into account the fact that analysis can't take everything into account. Strange combinations of loads, manufacturing variations, simplifications of the environment, etc. It is a pretty interesting story to understand how the usual FOS for aircraft design became 1.15 many, many decades ago, and despite all the analysis tools we have benefit of today, it still remains 1.15, minimum.
MOS--Margin of safety. This term misleads people when they hear it, and perhaps try to apply a layman's interpretation. It is completely different than FOS; in fact, the MOS is derived using the FOS. Simply put, it is the "excess" structural capacity above the calculated stress.
Elastic Modulus or Young's Modulus--A measure of the stiffness inherent in the material
Perhaps another comment: from your description, I assumed a BC shaped in planform like the Brodak BH-389. The geometry for that is nowhere near as robust as the skeletonized triangle that MM shows in his post. Another way of saying this is that the area moment of the triangular shape is huge compared to the simple bar-shaped BC, which is why it is popular. Less material, but better distributed, lower weight, higher strength and stiffness. He also benefits to some degree in that the extra thickness at the pivot which helps stabilize the BC from tipping moments caused by the now-ubiquitous ball or rod-end connection for the pushrod, also carries bending loads at the very center, which is the highest stress area. That's a two-fer in terms of weight.