Co-operative 30 March 2023 1 Min Read Last Update: 3 April 2023 Quiz Time Welcome to Co-operative Quiz You can practice as many times as you want until you get all the answers 100% right. Let's get Started How is a cooperative managed? By a single director By a minimum of three directors By a board of trustees By an appointed government official How many members are required to start a cooperative? One member Two members Three members Five members What is a cooperative? A business owned by a single individua A group of interested parties sharing resources and costs to achieve a better outcome A public limited company with a minimum of five shareholders A charity organization What is the disadvantage of being a member of a cooperative? Members have limited liability Very few promotion positions for staff Decisions are taken democratically Resources of many people are pooled together to achieve common objectives How are decisions made in a cooperative? By the CEO By the board of directors Democratically by the members By external stakeholders Can a cooperative own land and open bank accounts? Yes No What is the impact of being a member of a cooperative? Profits are shared equally amongst members Each member has a different number of votes based on the number of shares held Members are motivated because they are working for someone else Shares are freely transferable What is the objective of a cooperative? To make a profit for its members To create mutual benefit for its members To provide charity services to the community To promote social awareness What must be included at the end of a cooperative's name? The word 'Limited' The word 'Cooperative' The word 'Registered' The word 'Incorporated' What is the advantage of being a member of a cooperative? Access to resources and funding Promotion opportunities A high salary Limited liability 1 out of 10 Time is Up! Time's up Like what you read? Subscribe to our Newsletter Submit Subscribe to our email newsletter to get the latest posts delivered right to your email.