What type of payment is defined as pay by the week or month?

The term that refers to pay by the week or month is indeed salary. Salary is a fixed regular payment that is typically provided to employees on a consistent basis, such as weekly or monthly. This form of payment is often associated with professionals or those in managerial positions, where employees receive a pre-determined amount regardless of the hours they work within that pay period.

In contrast, wages are usually calculated based on the number of hours worked and can vary from one pay period to another. Compensation is a broader term that encompasses all forms of monetary payment and benefits given to employees for their work, going beyond just salary or wages. Lastly, payment is a general term that refers to the transfer of money in exchange for goods or services and does not specifically define the frequency or structure of employee remuneration. Hence, salary is the correct term for pay structured on a weekly or monthly basis.