If you think about it, what baking rigid bodies mean and what the animated checkbox does, you should be able to answer your question yourself.
Baking a rigid body means:
- Blender creates keyframes
- Blender removes the rigid body
The animated (in rigid body settings of the object) checkbox (checked) means:
- The object is still part of the rigid body simulation
- The object won't move at all if you don't keyframe it
The animated checkbox (unchecked) means:
- Blender "takes" the "velocity" (animated keyframes for location before) of the object and animates the object in its simulation
So if you want an object to be a rigid body after you baked it so that other objects react to it, you have to add the rigid body again and check animated. But be aware that even if it now e.g. crashes against another ball and this ball will move (if it has rigid body) your animated ball will just continue its speed without any effect to the collision because now it only has keyframes.
Note: There is never a "in-between" state for Blender. Either it is animated (it moves via keyframes) or Blender calculates rigid body simulation. But yes, you can change that every frame if you like.
For longer rigid body simulations you would "normally" make copies of all rigid bodies e.g. after 300 frames because you don't wanna start the simulation always from frame 0. So you "bake" all rigid bodies, then copy them, give them all rigid bodies again and check animated on frame 300 and uncheck animated on frame 301.
If you mean the baking of the rigid body world under "cache": AFAIK you can only bake it once.