Do pets really know their own names?

I believe that dogs know their names. They can certainly learn the names of objects, so why not their own name? I know that when my sister's dog stays with me, Misha never comes when I call the other dog's name and vice versa.

I think dogs have a tremendous ability to differentiate words. Have you ever spoken out different family names to your dog mixed with non-familiar names and found that your dog reacts to the familiar ones? I also know that my dog knows when I say my nephew's name that it's time to get excited. She loves him. At the same time, her reaction to my brother's name is completely different. She is terrified of him for whatever reason. So, when she hears his name all she wants to do is run away.