Cooperative Societies and Joint Stock Companies — Flashcards
NIOS · Class 10 · Business Studies
40 flashcards for Cooperative Societies and Joint Stock Companies (NIOS Class 10 Business Studies) to test yourself on key terms and facts.
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What is a co-operative society?
Answer
A co-operative society is a voluntary association of persons who work together for a common economic objective on the principles of self-help and mutual help. It is not formed mainly to earn profit. E…
What does the word co-operation mean?
Answer
Co-operation means working together. It comes from the Latin word co-operari, which means working together. In business, it means people join hands to achieve a common economic goal.
Why do people join a co-operative society?
Answer
People join a co-operative society to meet common economic needs, not to earn profit. They pool their resources, use them wisely, and get common benefits such as lower prices, financial help, or bette…
Explain the principle of self-help and mutual help in a co-operative society.
Answer
Self-help means members help themselves by joining together and sharing resources. Mutual help means members support one another for a common benefit. Both principles make the society useful and coope…
What is open membership in a co-operative society?
Answer
Open membership means any competent person with a common interest can join a co-operative society. Membership is not restricted on the basis of caste, sex, colour, or religion. In some cases, membersh…
What is the voting rule in a co-operative society?
Answer
Each member has only one vote, regardless of the number of shares held. This shows democratic control and equality among members.
Why is a co-operative society called a separate legal entity?
Answer
A co-operative society gets a separate legal existence after registration under the Cooperative Societies Act, 1912 or the relevant State Act. It is legally distinct from its members and can function …
What is the liability of members in a co-operative society?
Answer
The liability of members is limited to the capital contributed by them. Their personal property is not fully at risk for society debts.
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