Step 1: Concept
Calcium compounds have various common names based on their chemical state and hydration.
Step 2: Meaning
Calcium hydroxide has the chemical formula $Ca(OH)_{2}$.
Step 3: Analysis
"Quick lime" refers to calcium oxide ($CaO$). When water is added to quick lime, it becomes "slaked" (hydrated), resulting in calcium hydroxide.
Step 4: Conclusion
Thus, the common name for hydrated calcium hydroxide is slaked lime.
Final Answer: (B)