Final answer:
Cross validation is the common resampling method used to iteratively test and train a model.
Step-by-step explanation:
The common resampling method used to iteratively test and train a model is known as Cross validation. Cross validation involves dividing the dataset into multiple subsets, training the model on a subset, and validating it on the remaining subset. This process is repeated multiple times, each time with a different subset as the validation set, to get more accurate and reliable performance metrics.