Class 6 Exam > Class 6 Questions > Which of the following illustrates the concep...
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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?
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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.
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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.
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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?
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