MCQ on Cooperative Society
1. What is cooperative society?
(1) Cooperative societies are formed with the aim of helping their members.
(2) Cooperative societies type of business organisation is formed mainly by weaker sections of the society in order to prevent any type of exploitation from the economically stronger sections of the society.
(3) An autonomous association of persons united voluntarily to meet their common economic, social, and cultural needs and aspirations through a jointly-owned enterprise.
(4) All of these
Answer: (4) All of these
Explanation: A cooperative society is an autonomous association of persons voluntarily united to meet their common economic, social, and cultural needs and aspirations through a jointly-owned enterprise. Cooperative societies are formed to help their members, particularly weaker sections, and prevent exploitation.
2. Which of the following is not a feature of cooperative society______
(1) To provide goods and services and other requirements to the members;
(2) To develop expertise and skills among its members;
(3) To promote self economic growth by capital market.
(4) To acquire lands and provide housing benefits for the members.
Answer: (3) To promote self-economic growth by the capital market.
Explanation: Cooperative societies primarily focus on providing goods, services, skills development, housing benefits, and meeting members' economic needs. They are not primarily designed to promote economic growth through the capital market.
3. What are the types of cooperative society?
(1) Producer Cooperative.
(2) Consumer Cooperative.
(3) Marketing Cooperative Society.
(4) Housing Cooperative Society.
(5) All of these
Answer: (5) All of these
Explanation: Cooperative societies can be categorized into producer cooperatives, consumer cooperatives, marketing cooperatives, housing cooperatives, and other specialized forms.
4. Who regulates the registration and other activities of a cooperative society?
(1) NABARD
(2) SBI
(3) SEBI
(4) RCS
Answer: (4) RCS (Registrar of Cooperative Societies)
Explanation: The registration and oversight of cooperative societies are typically regulated by the Registrar of Cooperative Societies (RCS) at the state level.
5. Who inspects cooperative societies?
(1) The Central Registrar
(2) Central Government
(3) The Members
(4) None of these
Answer: (1) The Central Registrar
Explanation: Cooperative societies are inspected by the Central Registrar or other regulatory bodies to ensure compliance with regulations and to monitor their functioning.
6. What are the feature of cooperative society?
(1) To encourage thrift and savings mobilization among the members:
(2) To generate funds and extend credit to the members for productive and
provident purposes;
(3) To encourage among members systematic production and marketing.
(4) All of these
Answer: (4) All of these
Explanation: Cooperative societies aim to encourage thrift, savings, fund generation, credit extension, and systematic production and marketing among members, thereby meeting common economic goals.
7. Which is the first cooperative bank in India?
(1) Anyonya Co-operative Bank Limited
(2) Bank of Maharashtra
(3) Sate bank of India
(4) Indian Bank
Answer: (1) Anyonya Co-operative Bank Limited
Explanation: Anyonya Co-operative Bank Limited, established in 1918, is considered one of the first cooperative banks in India.
8. Which is the largest cooperative society in India?
A. IFFCO
B. Agricultural Credit Cooperative Society,
C. Grant Road Society
D. None of these
Answer: (A) IFFCO (Indian Farmers Fertilizer Cooperative Limited)
Explanation: IFFCO is one of the largest cooperative societies in India, focusing on agricultural products and services.
9. Which was the first cooperative society registered_______
(1) Agricultural Credit Cooperative Society, 1905
(2) Grant Road Society, 1914
(3) Madras Cooperative Union, 1914
(4) None of the above
Answer: (1) Agricultural Credit Cooperative Society, 1905
Explanation: The Agricultural Credit Cooperative Society, established in 1905, was one of the earliest registered cooperative societies in India.
10. Which is the best cooperative society in India?
(1) Amul.
(2) Indian Coffee House.
(3) Indian Farmers Fertilizer Cooperative Limited (IFFCO)
(4) All of these
Answer: (4) All of these
Explanation: Amul, Indian Coffee House, and IFFCO are notable examples of successful and impactful cooperative societies in India.
11. The principle followed in a co-operative society is________
(1) No vote
(2) One man, one vote
(3) Multiple votes
(4) only females can vote
Answer: (2) One man, one vote
Explanation: Cooperative societies operate on democratic principles where each member has an equal vote regardless of their shareholding.
12. Which is the largest cooperative society in the world?
(1) CrŽdit Agricole Group France
(2) Groupe Caisse D'Epargne France
(3) Zen-Noh (National Federation of Agricultural Co-operatives)
(4) None of these
Answer: (1) Crédit Agricole Group, France
Explanation: Crédit Agricole Group in France is one of the largest cooperative banking networks in the world.
13. Which of the following is the principles of cooperative?
(1) Open and Voluntary Membership.
(2) Democratic Member Control.
(3) Members' Economic Participation.
(4) All of these
Answer: (4) All of these
Explanation: Cooperative principles include open and voluntary membership, democratic member control, and members' economic participation.
14. Who introduced cooperative society in India?
(1) Jawaharlal Nehru
(2) Indira Gandhi
(3) Moraraji Desai
(4) None of these
Answer: (1) Jawaharlal Nehru
Explanation: Cooperative societies were introduced in India to promote economic development and upliftment of weaker sections, particularly by leaders like Jawaharlal Nehru.
15. The members of a Co-operative Society have
(1) Unlimited liability
(2) Limited liability
(3) Joint and Several liability
(4) Joint liability
Answer: (2) Limited liability
Explanation: Members of a cooperative society have limited liability, meaning their financial liability is limited to the extent of their contribution to the society.