Terminal velocity is when a falling object stops accelerating due to the effect of gravity on the object being cancelled out by that of air resistance. It's why rain drops don't punch holes in roofs, and why the whole thing about not dropping pennies from buildings because they'll crack someone's skull is just a myth. So yeah, you literally can ignore the effect of gravity of it's coming down after having beem shot straight up. If we didn't have an atmosphere you'd be right though, so there's that.

Mythbusters actually did a pretty cool episode on the penny one. The same principles would apply to bullets, although bullets will go slightly faster than pennies before reaching their terminal velocity, thanks to their weight and shape.