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 FALSE  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: ­­­­­­­­­­­­­­­­­________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