The verb "to term" takes two objects (or more properly an object and an object complement):
He terms it the "function matrix".
It is a good idea to use quotes around the term, because this is what we say it is called. In speech there would be a pause and intonation change to mark the term. Note it is not "He terms it as a function matrix".
When verbs like this become passive, the object becomes the subject:
It is termed the "function matrix".
So your sentence is good, but remove the word "as", and insert an article ("the" or "a".) Also choose between "The result...is" and "The results ...are"
Consider: Would "which is called a function matrix" be clearer. Also you might be better off with:
A new "function matrix" is used to store the results of the functions.
This is shorter, more active and perhaps clearer.