Test: The Value of Work - 2 - Class 6 MCQ

Selling handmade crafts is an example of economic value creation because it involves the exchange of goods for money, creating economic value in the process. The other activities (A, B, D) do not involve monetary transactions and are therefore not examples of economic value creation.

A neighborhood clean-up drive is an example of a non-economic activity with social value because it is done for the benefit of the community and the environment, without monetary compensation. Such activities contribute to the well-being of society and promote a sense of community and responsibility.

Payment in kind refers to receiving goods or services as compensation for work done, rather than receiving cash. For example, a farm laborer might receive part of their payment in the form of fruits or vegetables instead of money.

"Money's worth" refers to the value that a person places on an object based on the benefit or utility they derive from it, not just its price or market value. It reflects personal perception rather than a fixed monetary amount.

A "salary" is a fixed regular payment, typically paid on a monthly basis, provided to an employee by an employer. Unlike wages, which can vary based on the amount of work done, a salary remains constant regardless of hours worked.