Cooperative

Quizzer

Questions and Answers

 1.
An autonomous association of persons united voluntarily to meet their common
economic, social, and cultural needs and aspirations through a jointly-owned
and democratically-controlled enterprise

o A.

Government

o B.

Cooperative

o C.

Union

 2.
Check the three basic interests of business.

o A.

Ownership

o B.

Manager

o C.

Control

o D.

Supervise

o E.
 Beneficiary

 3.
Cooperatives are owned, managed, and patronized by _______.

o A.

Members

o B.

Manager

o C.

Proprietor

 4.
Cooperatives serve best when they answer the needs of the_______.

o A.

Members

o B.

Manager

o C.

Proprietor

 5.
Check the COOP PRINCIPLES & PRACTICES

o A.

Open and Voluntary Membership

o B.

Democratic Member Control

o C.
 For Lending and Credit

 6.
In Cooperatives, membership is forced.

o A.

True

o B.

False

 7.
In cooperatives, the members are the owners of the business.

o A.

True

o B.

False

 8.
Check the cooperative values.

o A.

Self-help

o B.

Self-responsibility

o C.

Democracy

o D.

Autocratic

o E.
 Business-minded

 9.
One of the purposes of Cooperative is to encourage _________.

o A.

Thrift and savings

o B.

Borrow when there's no money

o C.

Lending all the way

 10.
A type of coop that caters lending services.

o A.

Credit Coop

o B.

Consumers Coop

o C.

Producers Coop

o D.

Multi-purpose coop

 11.
A type of coop that is formed by farmers to save money selling of crop and other
products of farmers

o A.

Credit Coop

o B.
 Consumers Coop

o C.

Producers Coop

o D.

Multi-purpose coop

 12.
What is the primary capital of cooperatives?

o A.

Member's share capital

o B.

Savings

o C.

Donations

 13.
What are the two types of membership?

o A.

Regular

o B.

Permanent

o C.

Associate

o D.

Part time

 14.
 Death can be a reason to terminate a member in the coop.

o A.

True

o B.

False

 15.
A member can continue to be a member even he does not patronize the Coop
services.

o A.

True

o B.

False

 16.
A member can be terminated if he is mentally ill.

o A.

True

o B.

False

 17.
What are the duties of a Coop member?

o A.

Attend general assembly

o B.

Patronize products and services

o C.
 Always apply for a credit

o D.

Withdraw the capital share

 18.
What is the highest governing body of the Cooperative?

o A.

General Assembly

o B.

BOD

o C.

Officers

 19.
Who will preside the General Assembly?

o A.

Officers

o B.

Chairman

o C.

Committees

 20.
How many times the General Assembly must meet in a year?

o A.

Only once a year

o B.
 Twice a year

o C.

One, but BOD might call a special meeting

 21.
The Board of Directors has the power to create new policies that can be
implemented directly without the General Assembly's approval.

o A.

True

o B.

False

 22.
The BOD's number should be 0dd.

o A.

True

o B.

False

 23.
What committee that is responsible for the approval of the loans?

o A.

Audit committee

o B.

Credit committee

o C.

Supevisory committee

 24.
 What committee that is responsible for the checking and analysis of the
financial reports?

o A.

Credit committee

o B.

Audit committee

o C.

Supervisory committee

 25.
Check the choices that holds true about the education committee.

o A.

Responsible for auditing

o B.

Calls the meeting

o C.

Recruits new members

o D.

Gives training and lecture about the coop

 26.
The elected vice-chairman will automatically be designated as chairman of what
committee?

o A.

Audit

o B.

Education
 o C.

Credit

 27.
The secretary is responsible for recording and keeping the minutes of meeting.

o A.

True

o B.

False

 28.
Who is responsible for the promulgation of the election of officers?

o A.

Credit committee

o B.

Election committee

o C.

BOD

 29.
A capital share is of what type of account?

o A.

Asset

o B.

Income

o C.

Liaility
 o D.

Equity

 30.
Accounts receivable is under the _______ account.

o A.

Assets

o B.

Income

o C.

Liabilities

 31.
Which of the following is an Asset account?

o A.

Cash in Hand

o B.

Checking Account

o C.

Supplies

o D.

Building

o E.

Equipment

 32.
What is government agency that regulates Cooperatives?
 o A.

Cooperative Development Authority

o B.

Phil. Federation of Credit Cooperatives

o C.

Cooperative Authority of the Phils

 33.
A cooperative is formed because of ______.

o A.

Mutual benefit

o B.

Credit

o C.

Business

 34.
Check in the following choices the advantages of Cooperatives.

o A.

Owned by one person

o B.

Controlled by members

o C.

It follows the laws of corporation

o D.

Members are benefeciaries

o A.

Extensive record keeping

o B.

Harmony of members

o C.

Managed by one group

 36.
Check the nature and character of cooperatives
Discuss

o A.

Service-oriented

o B.

Self-sufficient

o C.

Providing goods and services at reasonable cost.

o D.

Cooperatives are not for profit and not for charity but for service.

o E.

Cooperatives are for lending

 37.
A type of coop that caters different services such as lending, savings, marketing,
etc.

o A.
 Credit Coop

o B.

Consumers Coop

o C.

Producers Coop

o D.

Multi-purpose coop

 38.
A type of Coop that focuses on retail business such as grocery, general
merchandise, etc.

o A.

Multi-purpose coop

o B.

Producers Coop

o C.

Consumers Coop

o D.

Credit Coop

 39.
What is the excess amount of revenues that will be shared by the members?

o A.

Profit

o B.

Dividends

o C.
 Share

 40.
What are the rights of a Coop Member?
Discuss

o A.

The right to inspect accounts

o B.

The right to vote

o C.

The right to run for a position

o D.

The right not to avail of the services

 41.
Salaries and wages of employees is under the _________ account.

o A.

Expenses

o B.

Income

o C.

Liabilities

o D.

None of the above

 42.
The Coop wants to purchase a Photocopy Machine. What is the effect of this
purchase in the accounting equation?
 o A.

Debit Assets, Credit Cash

o B.

Debit Cash, Credit Assets

o C.

Debit Expenses, Credit Cash

o D.

None of the above

 43.
Which will you account if a fixed asset depreciates?

o A.

Expenses

o B.

Income

o C.

Accounts Payable

o D.

None of the above

 44.
Service fees, interest rates and penalties are accounted on what type of
account?

o A.

Expenses

o B.

Income
 o C.

Liabilities

o D.

Equity

 45.
What will be the effect on the accounting equation when an electricity bill is due
at the end of the month?

o A.

Debit Electricity, Credit Accounts Payable

o B.

Debit Electricity, Credit Cash

o C.

Debit Cash, Credit Accounts Payable

o D.

None of the above