* Lab: from "laboratory"
* Gym: from "gymnasium"
* Photo: from "photograph"
* Phone: from "telephone"
* Flu: from "influenza"
* Exam: from "examination"
* Prop: from "property" (in theater)
* Ad: from "advertisement"
* Fax: from "facsimile"
* Bus: from "omnibus"
* Prof: from "professor"
These are all words formed by shortening a longer word, keeping the core meaning intact. Note that some clipped words (like "phone") are so common that the original word might be unfamiliar to many people.