People shorten it to MTO. It covers material only. Labor comes later, when the estimator applies labor units to the quantities.
Example: a drywall estimator measures each wall type in linear feet. The material takeoff converts those lengths into studs, track, board and fasteners.
Take quantities from the drawings and take product requirements from the spec. Record the sheet each quantity came from. Add waste as your trade requires. Then check the list against the schedules, such as the door schedule or the fixture schedule.