Which term means the use of a word that suggests two or more of its meanings, or suggests a similar sounding word?

The term you are referring to is "pun".

The term you are referring to is called "pun." A pun is a form of wordplay that utilizes a word that has multiple meanings or a word that sounds similar to another word.

The term that refers to the use of a word that suggests multiple meanings or a similar sounding word is called "pun." A pun is a form of wordplay or a play on words that exploits the multiple meanings of a word or words that sound similar but have different meanings. Puns are often used to create humor or cleverly convey a message. To identify a pun, you need to carefully consider the word or phrase being used and look for any possible alternative interpretations or wordplay. Additionally, understanding the context and intended meaning of the statement can help in recognizing puns.