Class 6 Exam > Class 6 Questions > Which of the following illustrates the concep...
Start Learning for Free
Which of the following illustrates the concept of payment in kind?
- a)Receiving a salary for work
- b)Exchanging goods for money
- c)Receiving goods or services instead of cash for work performed
- d)Volunteering for community service
Correct answer is option 'C'. Can you explain this answer?
| FREE This question is part of | Download PDF Attempt this Test |
Most Upvoted Answer
Which of the following illustrates the concept of payment in kind?a)Re...
Understanding Payment in Kind
Payment in kind refers to a method of compensation where goods or services are provided as payment instead of cash. This concept is often utilized in various contexts, particularly in situations where cash transactions are not feasible or preferred.
Example of Payment in Kind
- **Option C: Receiving goods or services instead of cash for work performed.**
- In this scenario, an individual works and, instead of receiving a monetary salary, they are given goods or services in return for their labor. For instance, a farmer might offer produce in exchange for carpentry work.
Comparison with Other Options
- **Option A: Receiving a salary for work**
- This is a cash payment, not payment in kind. It involves receiving money as compensation.
- **Option B: Exchanging goods for money**
- This describes a standard monetary transaction, not payment in kind. Goods are traded for cash, which is the opposite of what payment in kind entails.
- **Option D: Volunteering for community service**
- Volunteering typically does not involve any payment, either in cash or kind. It is an act of giving time and effort without receiving anything in return.
Conclusion
Payment in kind is particularly relevant in bartering systems or situations where cash may not be readily available. Understanding this concept helps clarify various forms of economic transactions beyond traditional cash exchanges.
Payment in kind refers to a method of compensation where goods or services are provided as payment instead of cash. This concept is often utilized in various contexts, particularly in situations where cash transactions are not feasible or preferred.
Example of Payment in Kind
- **Option C: Receiving goods or services instead of cash for work performed.**
- In this scenario, an individual works and, instead of receiving a monetary salary, they are given goods or services in return for their labor. For instance, a farmer might offer produce in exchange for carpentry work.
Comparison with Other Options
- **Option A: Receiving a salary for work**
- This is a cash payment, not payment in kind. It involves receiving money as compensation.
- **Option B: Exchanging goods for money**
- This describes a standard monetary transaction, not payment in kind. Goods are traded for cash, which is the opposite of what payment in kind entails.
- **Option D: Volunteering for community service**
- Volunteering typically does not involve any payment, either in cash or kind. It is an act of giving time and effort without receiving anything in return.
Conclusion
Payment in kind is particularly relevant in bartering systems or situations where cash may not be readily available. Understanding this concept helps clarify various forms of economic transactions beyond traditional cash exchanges.
Free Test
FREE
| Start Free Test |
Community Answer
Which of the following illustrates the concept of payment in kind?a)Re...
Payment in kind refers to receiving goods or services instead of cash for work performed, which still holds economic value and is a form of compensation for the work done.
Attention Class 6 Students!
To make sure you are not studying endlessly, EduRev has designed Class 6 study material, with Structured Courses, Videos, & Test Series. Plus get personalized analysis, doubt solving and improvement plans to achieve a great score in Class 6.
|
Explore Courses for Class 6 exam
|
|
Similar Class 6 Doubts
Top Courses for Class 6View all
Which of the following illustrates the concept of payment in kind?a)Receiving a salary for workb)Exchanging goods for moneyc)Receiving goods or services instead of cash for work performedd)Volunteering for community serviceCorrect answer is option 'C'. Can you explain this answer?
Question Description
Which of the following illustrates the concept of payment in kind?a)Receiving a salary for workb)Exchanging goods for moneyc)Receiving goods or services instead of cash for work performedd)Volunteering for community serviceCorrect answer is option 'C'. Can you explain this answer? for Class 6 2024 is part of Class 6 preparation. The Question and answers have been prepared according to the Class 6 exam syllabus. Information about Which of the following illustrates the concept of payment in kind?a)Receiving a salary for workb)Exchanging goods for moneyc)Receiving goods or services instead of cash for work performedd)Volunteering for community serviceCorrect answer is option 'C'. Can you explain this answer? covers all topics & solutions for Class 6 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Which of the following illustrates the concept of payment in kind?a)Receiving a salary for workb)Exchanging goods for moneyc)Receiving goods or services instead of cash for work performedd)Volunteering for community serviceCorrect answer is option 'C'. Can you explain this answer?.
Which of the following illustrates the concept of payment in kind?a)Receiving a salary for workb)Exchanging goods for moneyc)Receiving goods or services instead of cash for work performedd)Volunteering for community serviceCorrect answer is option 'C'. Can you explain this answer? for Class 6 2024 is part of Class 6 preparation. The Question and answers have been prepared according to the Class 6 exam syllabus. Information about Which of the following illustrates the concept of payment in kind?a)Receiving a salary for workb)Exchanging goods for moneyc)Receiving goods or services instead of cash for work performedd)Volunteering for community serviceCorrect answer is option 'C'. Can you explain this answer? covers all topics & solutions for Class 6 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Which of the following illustrates the concept of payment in kind?a)Receiving a salary for workb)Exchanging goods for moneyc)Receiving goods or services instead of cash for work performedd)Volunteering for community serviceCorrect answer is option 'C'. Can you explain this answer?.
Solutions for Which of the following illustrates the concept of payment in kind?a)Receiving a salary for workb)Exchanging goods for moneyc)Receiving goods or services instead of cash for work performedd)Volunteering for community serviceCorrect answer is option 'C'. Can you explain this answer? in English & in Hindi are available as part of our courses for Class 6.
Download more important topics, notes, lectures and mock test series for Class 6 Exam by signing up for free.
Here you can find the meaning of Which of the following illustrates the concept of payment in kind?a)Receiving a salary for workb)Exchanging goods for moneyc)Receiving goods or services instead of cash for work performedd)Volunteering for community serviceCorrect answer is option 'C'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of
Which of the following illustrates the concept of payment in kind?a)Receiving a salary for workb)Exchanging goods for moneyc)Receiving goods or services instead of cash for work performedd)Volunteering for community serviceCorrect answer is option 'C'. Can you explain this answer?, a detailed solution for Which of the following illustrates the concept of payment in kind?a)Receiving a salary for workb)Exchanging goods for moneyc)Receiving goods or services instead of cash for work performedd)Volunteering for community serviceCorrect answer is option 'C'. Can you explain this answer? has been provided alongside types of Which of the following illustrates the concept of payment in kind?a)Receiving a salary for workb)Exchanging goods for moneyc)Receiving goods or services instead of cash for work performedd)Volunteering for community serviceCorrect answer is option 'C'. Can you explain this answer? theory, EduRev gives you an
ample number of questions to practice Which of the following illustrates the concept of payment in kind?a)Receiving a salary for workb)Exchanging goods for moneyc)Receiving goods or services instead of cash for work performedd)Volunteering for community serviceCorrect answer is option 'C'. Can you explain this answer? tests, examples and also practice Class 6 tests.
|
|
Explore Courses for Class 6 exam
|
|
Suggested Free Tests
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
|
© EduRev
|
Education Revolution
|
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup