Which type of payment is described as a fixed amount for completing responsibilities as outlined in a contract?

The correct answer is salary because it refers to a fixed compensation amount that an employee receives regularly, typically on a monthly or biweekly basis, as stipulated in their employment contract. This payment is consistent regardless of actual hours worked or output, making it reliable for budgeting both for the employer and the employee.

Salary is usually associated with professional or administrative roles and is intended to cover the overall responsibilities assigned to the employee, which are outlined in their contract. This fixed nature distinguishes salary from other forms of compensation that may vary based on performance or sales, such as commission, which is contingent upon meeting certain sales targets, or performance-based pay, which depends on individual or organizational success metrics.