Taking the Lord's Name

Written in the 10 Commandments is that we should not take the Lord God's name in vain. Growing up, I was always taught that that meant not swearing and not using God's name as an exclamation or expletive. 
In Sunday School today, I was given a little more insight to this commandment. When we are baptized into the Church of Jesus Christ, we are also covenanting to take upon the name of Jesus