Let's say I have a square inscribed into circle. Then how do you call the circle in relation to the rectangle?
Now I need proper naming convention for shapes in general.

Let's say I have a square inscribed into circle. Then how do you call the circle in relation to the rectangle?
Now I need proper naming convention for shapes in general.

"enclosed" or "enclosing". But in general associated to a function that has to be either minimized of maximized. E.g., "biggest area enclosed disk" or "smaller area enclosing disk", more generally "enclosed something", or "enclosing something", for example "enclosed rectangle", or "enclosing rectangle" are common composite keywords in image processing. A common adjective for this class of objects is "bounding object".
In Matlab, for example, you can consult (https://fr.mathworks.com/matlabcentral/fileexchange/34767-a-suite-of-minimal-bounding-objects)
A more general site is (http://www.mlahanas.de/CompGeom/opt_bbox.htm)