FBQ1: ________ lifestyle is characterized by constant movement of family, homestead and economy of

the producer
Answer: Nomadic

FBQ2: The president is NOT a signatory to society’s account. TRUE OR FALSEÂ

Answer: FALSE

FBQ3: Members of cooperatives are not involved in the management of the cooperative. TRUE OR FALSE
Answer: False

FBQ4: Co-operatives ____________ is a result of inner conviction

Answer: Spirit

FBQ5: There are ______ types of price effect

Answer: Two

FBQ6: Determining the Cooperatives ________demands a consideration of at least two business periods
Answer: Effect

FBQ7: A rural co-operative operates in a ______area

Answer: rural

FBQ8: Members are responsible for creating cooperative department. TRUE OR FALSE
Answer: False

FBQ9: __________________ funds are for contingencies or unforeseen circumstances

Answer: Reserve funds

FBQ10: _________ are big organizations whose shares are publicly quoted in the Nigeria Stock Exchange
Answer: Public limited companies

FBQ11: _______ is functionally a regional cooperative

Answer: Secondary cooperative

FBQ12: The cooperative management ______ shows the members as constituting the base or the foundation
of the management team.
Answer: Triangle

FBQ13: Co-operatives with ___________in which case the liability of the member is not limited to any
specific amount and each member can be held for all the outstanding debts of the society.
Answer: unlimited liability

FBQ14: Reserves are for short-term basis. TRUE OR FALSE

Answer: False

FBQ15: Cooperative effect is ______when the total level of satisfaction after becoming a Cooperator
is higher than the total level of satisfaction before becoming a member of the Co-operatives.
Answer: Positive

FBQ16: In _________ economy the attitude of the prospective members of the Co-operatives is in the
market
Answer: Market

FBQ17: External pressure has no influence people to join a cooperative society. True or false
Answer: False

FBQ18: Government can give out loans to Co-operative TRUE OR FALSE?

Answer: FALSE

FBQ19: ____________ is needed for everyday uses to keep the business going
Answer: Operating

FBQ20: Once a Society has been registered under the law, it has CANNOT sue and be sued. TRUE OR FALSE
Answer: False
FBQ21: The most important role of __________ in Co-operative affairs is Legislative role
Answer: Government

FBQ22: ___________ manages the day to day activities of the secretariat

Answer: Secretary

FBQ23: All transactions of the Co-operatives do NOT need to be recorded in the books of account. TRUE
OR FALSE
Answer: False

FBQ24: _____________ signs cash book and when asked to do so, produces the cash balance
Answer: Treasurer

FBQ25: The ___________________represents the Society at all meetings both within and outside the
country.
Answer: President

FBQ26: ___________ cooperatives are producers of goods and/or services

Answer: Producer

FBQ27: __________ are Co-operatives in the service sector

Answer: Service

FBQ28: __________ is a result of joint action by a number of independent primaries and/ or

secondaries and/or tertiaries
Answer: Federation

FBQ29: In cooperative, shareholding is to ________ person

Answer: One

FBQ30: ____________cooperatives are smallest individuals units in the set up they cover limited area
of operation
Answer: Primary

FBQ31: __________________ are societies usually formed by fishermen

Answer: Fishermen Co-operative Society

FBQ32: Co-operatives with liability limited by ______, is when the joint liability of the member in
the event of liquidation is limited to the value of shares held by the member
Answer: Shares

FBQ33: Union Bank of Nigeria Plc is an example of _________

Answer: Public limited companies

FBQ34: ________ is the type of co-operatives where the members have decided to leave all aspects of
decision making to management
Answer: Integrated

FBQ35: Owned capital is different from borrowed capital because it is obtained from __________
Answer: Inside the cooperative

MCQ1: There are ________ types of reserve funds

Answer: Two (2)

MCQ2: ________ takes minutes at all meetings

Answer: Secretary

MCQ3: _____are funds that are created as a form of security against any unforeseen circumstance
Answer: Reserves

MCQ4: Voting in cooperative is based upon

Answer: membership

MCQ5: ________ reasons constitute the major motive why people join or form Cooperative
Answer: Economic

MCQ6: Some of the common problems faced by agricultural cooperatives in developing countries include
the following except
Answer: poor management

MCQ7: A true cooperative is one that

Answer: provides service at cost.

MCQ8: _______ of the board are called the Co-operative

Answer: Officers

MCQ9: A ________purpose Co-operative is the one that has more than one field of activity
Answer: Multi

MCQ10: ____________ emphasizes the supremacy of the Co-operatives over everything else
Answer: Cooperative spirit

MCQ11: _________is the relationship between a Co-operatives organization as a business entity and
members’ private business enterprise or household economy
Answer: Cooperative nexus

MCQ12: ____________ is the degree of extra satisfaction, which a member derives as a result of
participating or being a member of the Co-operatives compared to being a non – member
Answer: Cooperative effect

MCQ13: _______ is a signatory to the Society’s accounts

Answer: President

MCQ14: ____________ effect occurs when the total of satisfaction before becoming a member of the Co-
operative is higher than the total level of satisfaction after becoming a member
Answer: Negative

MCQ15: _________cooperatives are sometimes they are called National Co-operatives

Answer: Tertiary

MCQ16: ­
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­_______are big organizations whose shares are publicly quoted in the Nigeria
Stock Exchange.
Answer: Public limited company

MCQ17: _________ is in charge of all money received by the society from members and other sources.
Answer: treasurer

MCQ18: Different levels of economic development take _______ extreme forms

Answer: Two (2)

MCQ19: ______ are formed mostly by primary Co-operatives

Answer: Secondary

MCQ20: __________are the life-wire of a Co-operative organization

Answer: Byelaws

MCQ21: Members are also known as the_________ of the co-operative

Answer: General Assembly

MCQ22: ________ is characterized by constant movement of family, homestead and economy of the
producer
Answer: Nomadic

MCQ23: ________ is the type of co-operatives where the members have decided to leave all aspects of
decision making to management
Answer: Integrated

MCQ24: ___________ is a feature of a cooperative

Answer: Voluntary and open membership
MCQ25: Those items that often remain in the service of the Co-operative over a long period of time
are called ____________ capital
Answer: fixed

MCQ26: Through the directive of the president, ____summons all meetings

Answer: Secretary

MCQ27: _________ reserves are regulated by members taking into consideration their needs and
circumstances
Answer: Voluntary

MCQ28: ______ type of capital that is not consumed in the actual operation of the co-operatives
Answer: Fixed

MCQ29: Secondary cooperatives are sometimes called _______ Co-operatives

Answer: regional

MCQ30: There are ______ types of producer cooperatives

Answer: Two (2)

MCQ31: The following are common business objectives except_______

Answer: To embezzle funds

MCQ32: Co-operatives are not _________

Answer: trade unions

MCQ33: Democratic control of cooperative is controlled by members themselves through one (1) man,
____ vote
Answer: One (1)

MCQ34: The ______ needs constitute those unfilled desires that lend to drive people into the brink of
despair and hopelessness
Answer: Felt

MCQ35: In the _____________ type of business risks are not shared

Answer: Sole proprietorship