Originally Posted by Sparrow
Would many ten year-olds anywhere understand what the 'Philosopher's Stone' referred to?
Considering the fact that it was clearly explained in the book, then yes, I'm sure that they would.
As far as the meaning goes, what we now call "science" was indeed considered to be a part of "Philosophy" until the middle of the 19th century. Science courses at Cambridge University are, to this day, referred to as "Natural Philosophy".