What's the difference between a balked landing and a go-around?
The only term in the Pilot Controller Glossary is Go Around, so should technically be the only term used, at least when communicating with ATC:


  GO AROUND- Instructions for a pilot to abandon his/her approach to landing. Additional instructions may follow. Unless otherwise advised
  by ATC, a VFR aircraft or an aircraft conducting visual approach
  should overfly the runway while climbing to traffic pattern altitude
  and enter the traffic pattern via the crosswind leg. A pilot on an IFR
  flight plan making an instrument approach should execute the published
  missed approach procedure or proceed as instructed by ATC; e.g., "Go
  around" (additional instructions if required).
  
  (See LOW APPROACH.)
  
  (See MISSED APPROACH.)


The ATP PTS also includes a Rejected Landing, which is what our simulator instructors refer to as a Balked Landing, and must be at or below 50 feet AGL.  It has the following note describing it in the PTS:


  NOTE: The maneuver may be combined with instrument, circling,  or missed approach procedures, but instrument conditions  need not be
  simulated below 100 feet above the runway.  This maneuver should be
  initiated approximately 50 feet  above the runway or landing area and
  approximately over  the runway threshold or as recommended by the FSB 
  Report.


The pilot follows the same procedures for both of them by aborting the landing, cleaning up the airplane, and flying the appropriate procedure afterwards.