IPA: /ˈpɒkɪtnaɪf/
KK: /ˈpɑkɪtˌnaɪf/
A small knife that has one or more blades that can fold into the handle, making it easy to carry.
He always carries a pocketknife in his backpack for emergencies.
Pocketknife → It is formed from "pocket" (from Old French *poque*, meaning a small bag or pouch) and "knife" (from Old English *cniif*, meaning a cutting instrument). A pocketknife is a knife that can be conveniently carried in a small bag or pouch.
Think of a small 'bag' ('pocket') that holds a 'cutting tool' ('knife') — that's why a pocketknife is a knife you can carry in your pocket.
No commonly confused words.