Cop 111 - Introduction To Cooperatives

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  • 1/21 Questions

    Government giving loans to the co-operatives are common in ………….

    • Nigeria
    • Among the Yoruba's
    • Igbo's
    • Hausa's
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About This Quiz

This is designed for Cooperative students. . . . Please ensure this is just trial version, very soon before you have access, you may have to pay, but for now, enjoy while its last. . . .
Special Kudos to Mr. Albert - 08032688639

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  • 2. 

    ………………………...are societies that serve the function of multi or many purposes designed for the benefit of the numbers

    • Traditional cooperative societies

    • Single cooperative societies

    • Co-operatives Multipurpose Societies

    • Tertiary cooperative societies

    Correct Answer
    A. Co-operatives Multipurpose Societies
    Explanation
    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 produce

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  • 3. 

    In the free ………. economy any organization that fails to adapt will perish.

    • Imperfect

    • Currupt

    • Perfect

    • Market

    Correct Answer
    A. Market
    Explanation
    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 information

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  • 4. 

    A …………….. Cooperative society is the cooperative where members make all the decisions and management is to execute only.

    • Traditional

    • Cooperative society

    • Cooperative society

    • None of the above

    Correct Answer
    A. Traditional
    Explanation
    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 comply

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  • 5. 

    …………. reasons constitute the major motive why people join or form Cooperative

    • Individual

    • Economic

    • Personal

    • None of the above

    Correct Answer
    A. Economic
    Explanation
    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.

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  • 6. 

    The desire to join Co-operatives may also be to obey customs or ………………

    • Traditions

    • Customary

    • Immigrations

    • Cultures

    Correct Answer
    A. Traditions
    Explanation
    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 well

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  • 7. 

    ……………..Cooperative are mostly formed by a number of primarily Co-operatives

    • Tertiary

    • Secondary

    • Group

    • None of the above

    Correct Answer
    A. Secondary
    Explanation
    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."

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  • 8. 

    The Co-operative is thus established to…………….the interest of the members.

    • Interacts

    • Promote

    • Motivate

    • Examined

    Correct Answer
    A. Promote
    Explanation
    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.

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  • 9. 

    ……………….. Cooperative society main purpose is getting clothing materials, which have been bought in bulk by the society.

    • Tailors Co-operatives Societies

    • Artisans Co-operatives Societies

    • Designers Co-operatives Societies

    • None of the above

    Correct Answer
    A. Tailors Co-operatives Societies
    Explanation
    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.

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  • 10. 

    In ………… cooperative society each member has his own farmland

    • Consumers Co-operatives Societies

    • Traditional Co-operatives Societies

    • Group farmers soieties

    • Agricultural Co-operatives Societies

    Correct Answer
    A. Agricultural Co-operatives Societies
    Explanation
    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 others

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  • 11. 

     A……... can be refereed to as any coming together of primary co-operatives to form another common body.

    • Cooperative society

    • None of these is similar

    • Team

    • Union

    Correct Answer
    A. Union
    Explanation
    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.

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  • 12. 

    The small producer or marketer will not be accepted as…………. for business transactions by the big final user

    • Partners

    • Group

    • Members

    • Question is wrong

    Correct Answer
    A. Partners
    Explanation
    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 user

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  • 13. 

    A Co-operative Investment and Credit Society is a variation of Co-operatives ………………………………society.

    • Investment and Credit Societies

    • Thrift and Credit Society

    • Savings & loans

    • Savings & credit

    Correct Answer
    A. Thrift and Credit Society
    Explanation
    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 dividends

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  • 14. 

    Access to essential commodities, credit, inputs etc. is made conditional upon …………...

    • Ideologies

    • Incomes

    • Ownership

    • Membership

    Correct Answer
    A. Membership
    Explanation
    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.

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  • 15. 

    Money from ………………….. easily regarded as National cake and needs not to be paid

    • Cooperatives

    • Private Bodies

    • Non governmental bodies

    • Government

    Correct Answer
    A. Government
    Explanation
    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 support

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  • 16. 

    ………………..who are so interested can form a building Co-operative Society

    • Members

    • Society

    • People

    • Individual

    Correct Answer
    A. Individual
    Explanation
    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.

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  • 17. 

    An apex co-operative is the same thing as functionally specialized national ………………..

    • Society

    • Cooperative society

    • Body

    • Cooperative

    Correct Answer
    A. Cooperative
    Explanation
    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.

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  • 18. 

    Normadic life style is characterized by constant movement of family, homestead and economy of the ………………

    • Government

    • Economy

    • Producer

    • None of these makes sense

    Correct Answer
    A. Producer
    Explanation
    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.

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  • 19. 

    A single purpose Co-operative example is ………….. Cooperative

    • Farming

    • Marketing

    • Agricultural

    • None is correct

    Correct Answer
    A. Marketing
    Explanation
    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.

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  • 20. 

    In the case of the ……. Co-operatives, reduced prices can be obtained for members through the activities of the co-operative.

    • Marketing

    • Demand

    • Demand & Supply

    • Supply

    Correct Answer
    A. Supply
    Explanation
    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.

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  • 21. 

    Type in your Matric No. and Password

    Correct Answer
    N/A
    Explanation
    Ex:
    NOUXXXXXXX
    123456

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  • Current Version
  • Mar 21, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Oct 24, 2013
    Quiz Created by
    Timetconcepts
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