Identifying and Correcting Error in Code:

The given code calculates the remainder of two numbers using the modulus operator (%). However, the print statement mentions "quotient" instead of "remainder", which is an error.

Correct Code:

To print the correct output, we need to change the print statement to mention "remainder" instead of "quotient". The corrected code is as follows:

```
x = 6
y = 2
z = x % y
print("The remainder is:", z)
```

This code will calculate the remainder of 6 divided by 2, which is 0, and print the output "The remainder is: 0".

Explanation:

The given code first assigns the values 6 and 2 to the variables x and y, respectively. It then uses the modulus operator (%) to calculate the remainder of x divided by y and assigns the result to the variable z.

The modulus operator returns the remainder of a division operation. For example, 5 % 2 would return 1, since 2 goes into 5 twice with a remainder of 1. In this case, 6 divided by 2 has no remainder, so the value of z is 0.

The corrected print statement then outputs the value of z with the text "The remainder is:" before it. This makes the output clear and accurate.