Etymology
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checkout (n.)

also check-out, 1944, from the verbal phrase; see check (v.1) + out (adv.). Originally "training given to a pilot for using a specific aircraft;" hotel sense "administrative procedure followed when guests leave after a stay" is from 1958. Retail sense "place where one pays for goods selected" is from 1947.

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Definitions of checkout

checkout (n.)
the latest time for vacating a hotel room;
the checkout here is 12 noon
Synonyms: checkout time
checkout (n.)
a counter in a supermarket where you pay for your purchases;
Synonyms: checkout counter
checkout (n.)
the act of inspecting or verifying;
Synonyms: check / check-out procedure
From wordnet.princeton.edu