Tag: meaning and features of cooperative society

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Multiple choice organization of commerce and management ownership structures - cooperative society features, merits and demerits, formation and management of a cooperative society meaning and features of cooperative society cooperative organisation

Lift-irrigation cooperative societies and pani-panchayats are some of the examples of ________.

  1. Co-operative farming societies

  2. Co-operative marketing societies

  3. Co-operative credit societies

  4. Consumers' co-operative societies
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Co-operative farming societies is an artificial voluntary association of small farmers who work together to enjoy the benefits of large scale farming. For example- Lift-irrigation cooperative societies and pani-panchayats. 

Multiple choice organization of commerce and management ownership structures - cooperative society features, merits and demerits, formation and management of a cooperative society meaning and features of cooperative society cooperative organisation

According to Indian Cooperative Societies Act, $1912$, each society must transfer at least ________ of its profits to general reserve.

  1. One-third

  2. One-fourth

  3. One-half

  4. One-tenth
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

According to Indian Cooperative Societies Act, 1912 it is the responsibility of every type of cooperative society to transfer at least one-fourth of their profit to gerenal reserve in case of future uncertainties.

Multiple choice organization of commerce and management ownership structures - cooperative society features, merits and demerits, formation and management of a cooperative society meaning and features of cooperative society cooperative organisation

The co-operative society follows the principles of "_________".

  1. Cash and credit

  2. Cash and carry

  3. Credit and carry

  4. Cash and carry forward
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

The cooperative society transfers at least one-fourth of its income to general reserve.Therefore, these kind of societies operates on the principle of cash and carry. 

Multiple choice organization of commerce and management ownership structures - cooperative society features, merits and demerits, formation and management of a cooperative society meaning and features of cooperative society cooperative organisation

The co-operative society has perpetual succession because it is not affected due to __________________.

  1. Death of any members

  2. Insolvency of any member

  3. Lunacy of any member

  4. Any of above
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

A Co-operative Society is an artificial voluntary association of people who work together to promote their economic interest and in order to achieve common goals. These society are incorporated with some social motives and they often have separate legal body and common seal. 

Since the corporate society has separate legal entity. Therefore, it is not affected by the death, insolvency and lunacy of any of its members. 

Multiple choice organization of commerce and management ownership structures - cooperative society features, merits and demerits, formation and management of a cooperative society meaning and features of cooperative society cooperative organisation

The basic aim of the co-operative society is _______ help.

  1. Mutual

  2. Self

  3. (A) or (B)

  4. Poor peoples
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

A Co-operative Society is an artificial voluntary association of people who work together to promote their economic interest and in order to achieve common goals. These society are incorporated with some social motives and they often have separate legal body and common seal. The main aim of such a society is to self help each other by using the resources gathered by the society and do not depend on anyone. 

Multiple choice organization of commerce and management ownership structures - cooperative society features, merits and demerits, formation and management of a cooperative society meaning and features of cooperative society cooperative organisation

Which of the following is/ are not disadvantage of co-operatives?

  1. Lack of capital

  2. Mutual help instead of competition

  3. Difficult to maintain business secrecy

  4. Unwanted interference by the departmental personnel
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

A Co-operative Society is an artificial voluntary association of people who work together to promote their economic interest and in order to achieve common goals. These society are incorporated with some social motives and they often have separate legal body and common seal. The main objective of such a society is to self help each other by using the resources gathered by the society and do not depend on anyone.

Multiple choice organization of commerce and management ownership structures - cooperative society features, merits and demerits, formation and management of a cooperative society meaning and features of cooperative society cooperative organisation

A co-parcener __________ ask for accounts.

  1. Cannot

  2. Can

  3. Both (A) & (B)

  4. (A) or (B)
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

A co-parcener is any partner who just has share in the firm's profit and loss and does not have any right in the firm's business. Such a partner can not ask for the accounts of the firm under any circumstances. 

Multiple choice organization of commerce and management ownership structures - cooperative society features, merits and demerits, formation and management of a cooperative society meaning and features of cooperative society cooperative organisation

Handloom Societies like APPCO, Bayanika, Haryana Handloom, etc., are examples of ____________.

  1. Producers Co-operative Societies

  2. Co-operative Marketing Societies

  3. Co-operative Credit Societies

  4. Consumers Co-operative Societies
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Handloom societies are formed by weavers who produce goods; therefore, they are classified as Producers Cooperative Societies.

Multiple choice organization of commerce and management ownership structures - cooperative society features, merits and demerits, formation and management of a cooperative society meaning and features of cooperative society cooperative organisation

_____________ are formed by small producers and manufacturers who find it difficult to sell their products individually.

  1. Producers Co-operative Societies

  2. Co-operative Marketing Societies

  3. Housing Co-operative Societies

  4. Consumers Co-operative Societies
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Producers Cooperative Societies are specifically designed to help small producers pool resources and sell their products collectively, overcoming individual limitations.