Co-Operative Society NDA Questions

NDA Economics

Co-Operative Society MCQ Questions


7.
The management/control of a co-operative society is generally exercised on a democratic basis, following the principle of:
A.
One share, one vote, proportional to capital contribution
B.
One member, one vote, irrespective of the number of shares held by a member
C.
No voting rights for ordinary members at all
D.
Voting rights based solely on seniority
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ANSWER :
B. One member, one vote, irrespective of the number of shares held by a member
8.
The liability of members of a co-operative society is generally:
A.
Determined afresh each year by the Registrar
B.
Limited, generally to the extent of the capital contributed by them
C.
Always unlimited, extending to their personal assets
D.
Non-existent, since members bear no responsibility
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ANSWER :
B. Limited, generally to the extent of the capital contributed by them
9.
Since a co-operative society is a distinct legal entity, it enjoys features such as perpetual succession and the ability to:
A.
Never be dissolved under any circumstances
B.
Own property, enter into contracts and sue or be sued in its own name
C.
Operate without any members
D.
Avoid registration requirements altogether
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ANSWER :
B. Own property, enter into contracts and sue or be sued in its own name
10.
Co-operative societies in India are subject to a degree of control and regulation by the government, primarily through the office of the:
A.
Securities and Exchange Board of India
B.
Reserve Bank of India exclusively
C.
Registrar of Co-operative Societies
D.
Central Board of Direct Taxes
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ANSWER :
C. Registrar of Co-operative Societies
11.
The surplus (profit) generated by a co-operative society is generally distributed among its members primarily on the basis of:
A.
The proportion of capital/shares held by each member, similar to a company's dividend
B.
The extent of members' patronage/use of the society's services, rather than solely their capital contribution
C.
Equal distribution regardless of any usage or membership status
D.
The discretion of a single dominant member
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ANSWER :
B. The extent of members' patronage/use of the society's services, rather than solely their capital contribution
12.
Because the affairs and accounts of a co-operative society must generally be shared with members and are subject to government oversight/audit, cooperatives are considered to have relatively:
A.
Full secrecy identical to a private limited company
B.
No requirement to maintain accounts at all
C.
Limited business secrecy, since detailed information may need to be disclosed to members and regulatory authorities
D.
Complete business secrecy comparable to a sole proprietorship
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ANSWER :
C. Limited business secrecy, since detailed information may need to be disclosed to members and regulatory authorities