Tag: meaning and features of cooperative society

Questions Related to meaning and features of cooperative society

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

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

  1. Co-operative farming societies

  2. Co-operative marketing societies

  3. Co-operative credit societies

  4. Consumers' co-operative societies

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Correct Option: A
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. 

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

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

  1. One-third

  2. One-fourth

  3. One-half

  4. One-tenth

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Correct Option: B
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.

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

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

  1. Cash and credit

  2. Cash and carry

  3. Credit and carry

  4. Cash and carry forward

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Correct Option: B
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. 

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

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

  1. Death of any members

  2. Insolvency of any member

  3. Lunacy of any member

  4. Any of above

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Correct Option: D
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. 

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

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

  1. Mutual

  2. Self

  3. (A) or (B)

  4. Poor peoples

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Correct Option: C
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. 

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

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

  1. Lack of capital

  2. Mutual help instead of competition

  3. Difficult to maintain business secrecy

  4. Unwanted interference by the departmental personnel

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Correct Option: B
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.

A co-parcener __________ ask for accounts.

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

  1. Cannot

  2. Can

  3. Both (A) & (B)

  4. (A) or (B)

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Correct Option: A
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. 

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

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

  1. Producers Co-operative Societies

  2. Co-operative Marketing Societies

  3. Co-operative Credit Societies

  4. Consumers Co-operative Societies

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Correct Option: A

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

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

  1. Producers Co-operative Societies

  2. Co-operative Marketing Societies

  3. Housing Co-operative Societies

  4. Consumers Co-operative Societies

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Correct Option: A

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

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

  1. Cash and Credit

  2. Cash and Carry

  3. Credit and Carry

  4. Cash and Carry Forward

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Correct Option: A