The classic definition of a charm quilt, is that there is only one piece of each fabric. No duplicates. So a true charm quilt is a collection that takes lots of time.
When you buy a set of charms, you will notice that there is only one piece of each design. These sets usually don't have enough ingredients to make a quilt, so you have to buy yardage to complete many projects. A tote bag or table topper can easily be a "charm"