What is an underground pit used for temporary collection of feces and excreta called?

The term that describes an underground pit used for the temporary collection of feces and excreta is indeed a cesspool. Cesspools are designed to hold sewage and waste for a limited period before it either needs to be pumped out or can be naturally absorbed into the surrounding soil, depending on local regulations and soil conditions.

While a privy may refer to a toilet or outhouse, and a latrine is a communal restroom typically found in outdoor scenarios, neither specifically denotes the collection mechanism used in cesspools. A septic tank, on the other hand, is similar but is primarily designed for more extended waste treatment and has a more complex system for separating solids and liquids and treating effluents. Therefore, the correct classification as an underground pit for temporary waste collection points to the cesspool.