This depends on your relationship with your manager and your reasons for wanting to correct him/her.

If you are close with your manager, have a chat with him/her in private and let them know politely what the correct terms are without offending them. If you're sincere and genuinely concerned about your boss, he/she will be thankful. The tone and intent of delivery counts.

If you're just looking to correct him/her because you feel you are smarter/better than him/her, it would be better not to. Not everyone is perfect.