I spoke with some LDS youngsters who came to my door some time back. They're friendly. I learned that they do not like being referred to as "Mormon" but instead prefer "LDS". For them, being called Mormon is derogatory.
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The reasoning is: Mormon is a character in their scripture (The Book of Mormon), but he is not the main figurehead for the church, so referring to them as though he is, is a misrepresentation.
The reasoning is: Mormon is a character in their scripture (The Book of Mormon), but he is not the main figurehead for the church, so referring to them as though he is, is a misrepresentation.
That's the explanation I was given as well. Thanks for clarifying and thank you all for the explanations.