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What is the term used to describe the sum of money paid by an employer to a worker for their service?
What type of workers are typically paid wages?
What is the purpose of wages?
What is the term used to describe the amount of money paid to a worker in cash for their effort?
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What is an important factor that influences the wages of a worker?
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What is the difference between nominal wages and real wages?
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What is the term used to describe the minimum amount of money that an employer must pay to a worker?
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What is the term used to describe the amount of money that an employer pays to a worker, which is sufficient to satisfy their ordinary needs and necessities?
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What is the term used to describe the wages that are fair and just to the worker?
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How many types of wages are classified in the given content?
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What is the real wage in the example given where an engineer is paid Rs. 1800/- per month in cash and provided with free accommodation valued at Rs. 200/- per month?
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Where is the APO Secretariat located?
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What determines the standard of living?
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What is the primary goal of the APO?
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What is the main purpose of fixing a minimum wage?
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What is the range of fair wage?
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What is the APO's role in the region?
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What is the need for a good wage system in a country?
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How many countries are currently members of the APO?
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What is the National Productivity Council (NPC) accredited for?
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What is the prerequisite for APO membership?
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When was the National Productivity Council (NPC) established?
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What is one of the objectives of the NPC?
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What is the approach of the NPC to promote productivity?
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Who acts as the President of the National Productivity Council (NPC)?
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What is the National Productivity Council (NPC) a constituent of?
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What is the focus of the APO's smart initiatives?
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What is the duration of the accreditation granted to the National Productivity Council (NPC)?
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What is the role of the APO in shaping the future of the region?
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What is the outcome of the APO's institutional capacity-building efforts?
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Study Notes
Wages
- Wages are the sum of money paid by an employer to a worker for their service.
- Wages, salary, pays, and fees are synonymous terms.
- Wages can be classified into different categories.
Types of Wages
- Nominal Wages: The amount of money paid to a worker in cash for their effort, also known as money wages.
- Real Wages: The total value of all facilities provided by the employer, including the cash payment, to the worker.
- Living Wages: The wages that meet some of the requirements of a social family, such as education, housing, food, clothes, medical care, and insurance against misfortune.
- Minimum Wages: The minimum amount of wages that ensures the basic needs of a worker are met, taking into account the cost of living.
- Fair Wages: A wage that is fair and sufficient for a worker's skills and provides for their family's needs.
National Productivity Council (NPC)
- Establishment: Established in 1958 as an autonomous organization under the Department for Promotion of Industry & Internal Trade, Ministry of Commerce and Industry, Government of India.
- Accreditation: Accredited conforming to ISO 17020:2012 by National Accreditation Board for Certification Body (NABCB), Quality Council of India (QCI) for undertaking inspection and audit work in the area of Food Safety Audit and Scientific Storage of Agricultural Products.
- Objectives: To promote innovation-led productivity, propagate productivity consciousness, and demonstrate value addition through generation and application of advanced productivity tools and techniques.
Asian Productivity Organisation (APO)
- Establishment: Established in 1961 as an inter-governmental organisation to increase productivity in the Asia-Pacific region through mutual cooperation.
- Objectives: To contribute to the sustainable socioeconomic development of the region through policy advisory services, research, and institutional capacity-building efforts.
- Membership: Open to countries in Asia and the Pacific that are members of the United Nations Economic and Social Commission for Asia and the Pacific (UN ESCAP), currently consisting of 21 countries.
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Description
This quiz covers the concept of wages, salary, pays, and fees, including their meanings and differences. Learn how these terms are used in various contexts, such as manual work, clerical staff, and high-level employees.
