Is web hosting billed monthly or yearly?

When hosting a site can one pay the hosting fee on a monthly basis or yearly?

It depends. Hosting companies often have both monthly and yearly plans. Shared hosting is usually billed yearly, while VPS hosting and above are typically billed on monthly or even pay as you use basis, often with discounts for long term payments.

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okay thanks…

Sorta continuing from @lordbanks’ response:
Ideally you’d want to pay for a year or two because it’s one less hassle to remember every month. You’ll usually get some discount (5%-20%) for doing so.