Cop 111 - Introduction To Cooperatives
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Questions and Answers
- 1.
……………..Cooperative are mostly formed by a number of primarily Co-operatives
- A.
Tertiary
- B.
Secondary
- C.
Group
- D.
None of the above
Correct Answer
B. SecondaryExplanation
Cooperatives are mostly formed by a number of primarily cooperatives, which means that they are formed by existing cooperatives. The term "secondary" is often used to describe cooperatives that are formed by other cooperatives, indicating that this is the correct answer choice. The other options, "tertiary" and "group," do not specifically convey the idea of cooperatives being formed by other cooperatives, making them incorrect. "None of the above" is not the correct answer because the statement provided in the question supports the selection of "secondary."Rate this question:
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- 2.
A……... can be refereed to as any coming together of primary co-operatives to form another common body.
- A.
Cooperative society
- B.
None of these is similar
- C.
Team
- D.
Union
Correct Answer
D. UnionExplanation
Page 42
UNION is
A union can be refereed to as any coming together of
primary co-operatives to form another common body.
It is identical with a Federation in that sense.Rate this question:
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- 3.
An apex co-operative is the same thing as functionally specialized national ………………..
- A.
Society
- B.
Cooperative society
- C.
Body
- D.
Cooperative
Correct Answer
D. CooperativeExplanation
Page 43
An apex co-operative:
This is the same thing as functionally specialized national Cooperatives e.g. National Co-operatives federation of Nigeria Ltd.Rate this question:
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- 4.
A single purpose Co-operative example is ………….. Cooperative
- A.
Farming
- B.
Marketing
- C.
Agricultural
- D.
None is correct
Correct Answer
B. MarketingExplanation
Page 44
A co-operative, which has only one field of activity, is classified as:
(a) A single purpose Co-operative e.g. a marketing Cooperative and
(b) A multi – purpose Co-operative is the one that has
more than one field of activity e.g. credit to and
marketing for members.Rate this question:
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- 5.
A …………….. Cooperative society is the cooperative where members make all the decisions and management is to execute only.
- A.
Traditional
- B.
Cooperative society
- C.
Cooperative society
- D.
None of the above
Correct Answer
A. TraditionalExplanation
Page 45
Based on the relationship between the management and the members of the Co-operatives that emerge from the are:
a) The traditional Co-operatives
This is the where members make all the decisions and
management is to execute only. Again, do not confuse this
with the indigenous self – help organizations. We made the classification in our earlier unit (3). You may revisit that unit again. The members of the traditional Co-operative usually make explicit demand for particular services, and management must complyRate this question:
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- 6.
………………………...are societies that serve the function of multi or many purposes designed for the benefit of the numbers
- A.
Traditional cooperative societies
- B.
Single cooperative societies
- C.
Co-operatives Multipurpose Societies
- D.
Tertiary cooperative societies
Correct Answer
C. Co-operatives Multipurpose SocietiesExplanation
Page 48
Co-operatives Multipurpose Societies
These are societies that serve the function of multi or many purposes
designed for the benefit of the numbers. Multi purpose societies can give
loans to members. Procure and distribut e agricultural inputs to members and
market members produce by securing good prices for their produceRate this question:
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- 7.
In ………… cooperative society each member has his own farmland
- A.
Consumers Co-operatives Societies
- B.
Traditional Co-operatives Societies
- C.
Group farmers soieties
- D.
Agricultural Co-operatives Societies
Correct Answer
D. Agricultural Co-operatives SocietiesExplanation
Page 48
Agricultural Co-operatives Societies
These are societies usually formed by farmers. On their own, each member
has his own farmland. By coming together to form a co-operative, the reason
is for them to benefit from the special services, which include: receiving
loans, farms inputs such as fertilizer, professional advice among othersRate this question:
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- 8.
A Co-operative Investment and Credit Society is a variation of Co-operatives ………………………………society.
- A.
Investment and Credit Societies
- B.
Thrift and Credit Society
- C.
Savings & loans
- D.
Savings & credit
Correct Answer
B. Thrift and Credit SocietyExplanation
Page 49
Co-operatives Investment and Credit Societies
A Co-operative Investment and Credit Society is a variation of Co-operatives
thrift and Credit Society. As the name implies, the essence of forming such
co-operative is for members to invest funds on profitable investment that can
yield good dividendsRate this question:
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- 9.
………………..who are so interested can form a building Co-operative Society
- A.
Members
- B.
Society
- C.
People
- D.
Individual
Correct Answer
D. IndividualExplanation
Page 51
Building and Housing Co-operatives Societies
Individuals who are so interested can form a building Co -operative Society.
This type of society should be encouraged in Nigeria. This is because our
culture gives respect to an adult who can afford to build his house.Rate this question:
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- 10.
……………….. Cooperative society main purpose is getting clothing materials, which have been bought in bulk by the society.
- A.
Tailors Co-operatives Societies
- B.
Artisans Co-operatives Societies
- C.
Designers Co-operatives Societies
- D.
None of the above
Correct Answer
A. Tailors Co-operatives SocietiesExplanation
Page 53
A Tailor Co-operative Society does exist. It is a society where a group
of professional tailors come together to form it. The benefits derived
from such association include:
ï‚· Sharing experiences in respect of their profession
ï‚· Getting soft loans from the society with which to expand the
business and meet other needs
ï‚· Getting clothing materials, which have been bought in bulk by
the society. By buying in bulk, the society would have
received some discounts and would be in a position to sell at
reasonable price to the members.Rate this question:
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- 11.
…………. reasons constitute the major motive why people join or form Cooperative
- A.
Individual
- B.
Economic
- C.
Personal
- D.
None of the above
Correct Answer
B. EconomicExplanation
Page 56
Economic Reasons
Economics reasons constitute the major motive why people join or form Cooperative. It is an attempt to improve one’s income by carrying out more
economic activities or improving on the performance of the present enterprise
of the individual. By so doing, the member’s economic position is increased.
A tailor who joins a tailors’ Co-operatives Society has among other reasons
the economic motive.Rate this question:
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- 12.
Government giving loans to the co-operatives are common in ………….
- A.
Nigeria
- B.
Among the Yoruba's
- C.
Igbo's
- D.
Hausa's
Correct Answer
A. NigeriaExplanation
Page 104
Government sources of loans to Co -operative. Government giving
loans to the co-operatives are common in Nigeria. This is because of
the generally low- income levels as well as the fact that governments
are the major initiator of Co-operatives. Government giving money
to the Co-operatives is in two forms:
a) Grants which are not repayable neither do they attract interest
payments. Sometimes, grants may be attached to specific
projects.
b) Loans: they attract low interests even though not as much as
from the Commercial Banks. They are to be repaid after some
periods.Rate this question:
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- 13.
In the free ………. economy any organization that fails to adapt will perish.
- A.
Imperfect
- B.
Currupt
- C.
Perfect
- D.
Market
Correct Answer
D. MarketExplanation
Page 65
Increase Adaptability
In the free market economy any organization that fails to adapt
will perish. But the ability to adapt depends on a number of
facts such as:
 The level of information available
 The processing of such informationRate this question:
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- 14.
The small producer or marketer will not be accepted as…………. for business transactions by the big final user
- A.
Partners
- B.
Group
- C.
Members
- D.
Question is wrong
Correct Answer
A. PartnersExplanation
Page 65
Increase acceptability in economic circles The small producer or marketer will not be accepted as
partners for business transactions by the big final user or buyer. The big buyer or user will prefer dealing with equally
big supplier. The Co- operative through the pooling of resources becomes big enough to negotiate and transact business with the big buyer or userRate this question:
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- 15.
In the case of the ……. Co-operatives, reduced prices can be obtained for members through the activities of the co-operative.
- A.
Marketing
- B.
Demand
- C.
Demand & Supply
- D.
Supply
Correct Answer
D. SupplyExplanation
Page 64-65
Kinds of Co-operatives Effects:
1) Price Effects Two kinds of price effects arise, depending on the type of Cooperative.
a) Increased price can be obtained for members especially in the case of marketing Co -operatives. This arises because the Co-operatives is now in a stronger position to supply as against the much weaker position of the individual member who can only supply small quantities with higher cost of operation.
Also the increase in price for members arises because there is a shortening of the channel of distribution. The middlemen who would have made their own money
have been eliminated.
b) In the case of the supply Co-operatives, reduced prices can be obtained for members through the activities of the Co-operative. This arises because the Cooperatives has been able to pool together the small demands of the members, which result in bigger quantity; with the increased quantity, the Co-operatives
will be able to bargain with suppliers for discounts since it is buying in large quantities. This lowers the cost of the goods.Rate this question:
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- 16.
The Co-operative is thus established to…………….the interest of the members.
- A.
Interacts
- B.
Promote
- C.
Motivate
- D.
Examined
Correct Answer
B. PromoteExplanation
Page 63
Co- operative Nexus
This is the relationship between a Co-operatives organization as a business entity and members’ private business enterprise or household economy. The Co-operative is thus established to promote the interest of the members.Rate this question:
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- 17.
Access to essential commodities, credit, inputs etc. is made conditional upon …………...
- A.
Ideologies
- B.
Incomes
- C.
Ownership
- D.
Membership
Correct Answer
D. MembershipExplanation
Page 59
External pressure
The reason for joining a Co-operative may be as result of external pressure especially from governments. Until recently, in Socialist countries such as the United Socialist Soviets Republic (USSR), Czechoslovakia, and Poland
among others the Co-operative was seen as a socialistic organization, which
could serve socialist cause. Legislation was enacted which made it
membership to be mandatory.
Similarly, access to essential commodities, credit, inputs etc. is made conditional upon membership. In this second case, however, there is a personal choice to make, while in the first case there is no choice.Rate this question:
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- 18.
Type in your Matric No. and Password
Correct Answer
N/AExplanation
Ex:
NOUXXXXXXX
123456Rate this question:
- 19.
The desire to join Co-operatives may also be to obey customs or ………………
- A.
Traditions
- B.
Customary
- C.
Immigrations
- D.
Cultures
Correct Answer
A. TraditionsExplanation
Page 59
To obey custom/ tradition
The desire to join Co-operatives may also be to obey customs or traditions. This is especially the case in the rural or semi urban areas. If the father had been a Co-operator and had played eminent role in Co-operative activities, there is the tendency for some of the children to belong to Co-operatives as wellRate this question:
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- 20.
Money from ………………….. easily regarded as National cake and needs not to be paid
- A.
Cooperatives
- B.
Private Bodies
- C.
Non governmental bodies
- D.
Government
Correct Answer
D. GovernmentExplanation
Disadvantages of loans from Government
a) Money from government is easily regarded as National cake, and needs not to be repaid.
b) Laxity on the part of government agents who do not even
bother to follow the activities leading to high rate of loan defaults.
c) There is also the danger of interference in the affairs of the Co-operatives as a result of the financial supportRate this question:
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- 21.
Normadic life style is characterized by constant movement of family, homestead and economy of the ………………
- A.
Government
- B.
Economy
- C.
Producer
- D.
None of these makes sense
Correct Answer
C. ProducerExplanation
Page 71
There again are two extreme life styles that need to be considered.
1) A nomadic life style This is characterized by constant movement of family, homestead and
economy of the producer. This life style makes it difficult to establish
Co-operatives. The group which is very basic of the formation of Cooperatives does not exist. Also the area of operation of the Cooperative and the fixed address of the Co-operatives as required by law cannot be established.
2) A sedentary life style This is the opposite to the nomadic life style. It is characterized by
fixed abode in specific settlements. That is where group bases and inter personal relationship are much more likely to occur. It is upon these bases that Co-operatives can be established.Rate this question:
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Mar 21, 2023Quiz Edited by
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