You are right. The Latin title for this period is Quadragesima and is best translated, “fortieth day (before Easter)” or more loosely “the forty days.” Most of the Romance Languages keep this root in their words for the season (e.g. cuaresma, quaresma, carême, quaresima) and these are as you say, more descriptive and less abstract. 
 
The word “Lent” seems to come from Germanic roots wherein the words lenz and lente refer to the spring season when the days “lengthen.” Thus, the word “Lent” describes less the liturgical time frame and more the seasonal one. So, as the days lengthen our thoughts move to Easter and, beginning forty days before, we spend time spiritually preparing for that greatest feast of the Church’s Year. 
 
The notion of forty days of course reminds us of the forty days Christ spent in the desert fasting and praying in preparation for his public ministry. We are encouraged to go into the desert with him spiritually and thus also be strengthened through the spiritual exercises of resisting temptation, praying and fasting. 
 
“Giving up something” for Lent is not merely for its own sake, but rather to make room for other things. Thus, if we forgo some lawful pleasure, we can perhaps be freer to pray; and whatever money we may save by simplifying, can be given to the poor.

Some people believe that it is a sin to miss receiving ashes on this day. Some even believe that one would not go to heaven if he or she were not marked with blessed ashes. Neither is true. (Ash Wednesday is not even a holy day of obligation!) This of course does not mean that we shouldn’t participate in this liturgy, nor does it mean that the symbol isn’t important. Wearing ashes must reflect our desire to act from our baptismal promises. Saying “we believe” requires us to live dead to sin. Wearing ashes demands that we live alive for Christ. 
 
The ashes remind us of our mortality and dependence on God. It’s humbling to see so many different people, with different stories and backgrounds, all coming to church to get smudged with dirt for different reasons. In their faces you see glimpses of piety and holiness, fear and trepidation, giggly discomfort in some of the adolescents and stoic disinterest in some of the teens. Some people aren’t sure if they’re supposed to say anything in response to receiving ashes (you’re not), and some don’t quite know if they’re allowed to wipe off any ash that falls on their nose (you can). 
 
But in every case, they come, young and old, those barely able to walk and babies in mothers’ arms. And God, in whatever way is needed, touches each of them through this simple act of penance. We may not understand the ritual, we might do it just out of habit. But it’s our doing of the ritual, our turning back to God, even for just a moment, that gives God the perfect opportunity to quietly, even unknowingly, draw us ever closer to him. 
 
Don’t miss the opportunity.