noun, plural pocketknives.
a knife with one or more blades that fold into the handle, suitable for carrying in the pocket.

1720–30; pocket + knife

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World English Dictionary
pocketknife (ˈpɒkɪtˌnaɪf)
n , pl -knives
a small knife with one or more blades that fold into the handle; penknife

Collins English Dictionary - Complete & Unabridged 10th Edition
2009 © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
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Example sentences
Then it took several agonizing minutes to cut the thick rope with a dull
But because his humble pocketknife lacked pliers, it soon failed him.
It wouldn't have dawned on any of us to cut off an arm with a pocketknife to
  extract ourselves from a thousand-pound boulder.
Aron realized that his survival required drastic action, so he amputated his
  arm below the elbow utilizing his pocketknife.
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