If an object is in a state where it could do work if released then we say that it has POTENTIAL ENERGY (sometimes written as p.e.).
So, an object held above the ground has GRAVITATIONAL potential energy (G.P.E).
A simpler word for this would be POSITION ENERGY.

To move a mass m up to a height (h) above the ground you will need to move a force F (= mg) through a distance h. This needs mgh joules of energy.

Its gravitational potential energy is mgh and it will release that energy when it falls back to the ground. (g = 10 N/kg on the Earth).