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Explain each of the following consumer terms: (i) receipt (ii) wage - Junior Cycle Home Economics - Question 10 - 2019
Question 10
Explain each of the following consumer terms: (i) receipt (ii) wage
Worked Solution & Example Answer:Explain each of the following consumer terms: (i) receipt (ii) wage - Junior Cycle Home Economics - Question 10 - 2019
Step 1
(i) receipt
Answer
A receipt is a piece of paper or an electronic document that serves as proof of a transaction. It confirms that the seller has received payment from the purchaser. Receipts typically contain important information such as the date of the transaction, the items purchased, the amount paid, and the method of payment used.
Step 2
(ii) wage
Answer
Wage refers to a fixed regular payment made to an employee, typically calculated on an hourly, daily, or weekly basis. It represents compensation for the work performed and may vary based on the number of hours worked, the employee's skill level, and the type of work undertaken. Wages can be paid weekly, bi-weekly, or monthly.