A Worker Who Is Paid an Agreed Amount for Each

question 31

Essay

A worker who is paid an agreed amount for each week or month or year is said to be paid on a(n)____________________ basis.

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Definitions:

First-in

Commonly part of the term "First-in, First-out (FIFO)", a method used in inventory management where the oldest stock is sold first.

Labor

Work performed by humans that is used in the production of goods and services.

Equivalent Unit

A metric in cost accounting that quantifies the effort invested in partially finished units by equating it to the output of completely finished units.

First-in

implies the method where the earliest goods produced or acquired are the first to be used or sold.