You can definitely call it a quilt! The term refers to any blanket created from two layers of fabric with a layer of batting in between, held together by stitiching. Although I have never quilted a panel my mother-in-law just finished two (her pastor's wife just had twins!). She just did simple straight stitching around all of the details using her walking foot and she said it was a lot of fun! I have quilted several patchwork quilts and my only advice is to make sure your backing fabric is nice and smooth before you baste the layers together before quilting, otherwise as you quilt your backing fabric can look loose or bunchy. I read in a book once about using masking tape or painter's tape to keep it smooth while you baste and this has worked well for me. Good luck with your quilt!! Be sure to post the finished product when you're done!
