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Ag Cooperatives
Cooperative Principles:
__ state the kind and scope of the cooperative business.
Ag Cooperatives
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Ag cooperatives
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1
__ state the kind and scope of the cooperative business.
Bylaws
Marketing agreements
Articles of incorporation
Membership applications
2
Cooperative Principles:
Have evolved over time in terms of definition and acceptance
Are accepted universally by all cooperatives
Dictated by Federal Statue
3
"service at cost" principle eliminates patronage refunds
False
True
4
"service at cost," states a fundamental difference in purpose between coops and businesses.
true
False
5
"Cooperation among cooperatives"considered by some to be a good practice or policy, defined as:
Neither
The Capper-Volstead Act
The International Cooperative Alliance
6
Which of the following is NOT a required set of papers for organizing a cooperative?
Articles of incorporation
Bylaws
Credit verification
7
A ______ cooperative is one which serves members' local and regional cooperatives
Federated
Centralized
Mixed
Nationalized
8
Every state has laws authorizing the formation of cooperative corporations
True
False
9
A cooperative is usually controlled on the basis of:
Amount of stock held by investors
Notes held by lender
One vote per member
10
With respect to cooperatives, a usual method, customary habit, action or convention is called a
Practice
Policy
Principle
11
Most borrowed capital for agricultural cooperatives comes from
Commercial banks
Commdity Credit Corporation
Banks for cooperatives
12
"Continuing Education" is an important practice that:
Was called a duty by Rochdale pioneers
Considered a principle by some cooperatives
Is applicable to any business
All of the above
13
Memberships in farmer marketing supply and service cooperatives in the U.S. total about
1 Million
2 million
4 million
14
People join cooperative to
Guarantee a profit
Gain economic benefits
Develop a tax shelter
Make new friends
15
Every state has laws authorizing the formation of cooperative corporations
False
True
16
Credit is given to ___ as the organizer of the first cooperative in the U.S.
Thomas Jefferson
George Washington
Patrick Henry
Benjamin Franklin
17
Farmers marketing, supply, and service cooperatives in the United States total about
4 million
2 million
5,000
18
Cooperatives are generally classified by major activity. Which is not a usual classification?
Lobbying
Marketing
Service
Purchasing
19
The Board of Directors in a cooperative are:
Chosen by the government
Elected by the membership
Appointed by the manager
20
Which of the following is NOT a federal agency?
Rural Electrification Adminstration
National Cooperative Bank
Farm Credit Adminstration
21
Act that allows producers to act together in association without a violation of antitrust laws.
Capper-Volstead Act
Smith-Lever Act
Farm Credit Act
Cooperative Marketing Act
22
In a partnership, a general partner's liability extends to personal assets.
False
True
23
A member is defined as any person marketing, purchasing, or obtaining a service through a coop
True
False
24
The Agricultural Cooperative Service is a
Volunteer Society
General Farm Organization
Federal Agency
Foundation
25
The farmer owned cooperative Farm Credit System provides what proporation of the total ag cred
1/2
2/3
1/3
26
3 groups are essential to start a cooperative and operate it successfully. Which is NOT?
Members
Management
Investors
Employees
27
Cooperatives in the United States are:
Government organizations
Socialistic
Private enterprise
28
A cooperative is owned by its:
Investors
Lenders
Members
29
About what percent of major farm inputs do farmers buy their cooperative?
25%
75%
50%
30
Which of the following is not a farm organization?
Cooperative Extension Service
American Farm Bureau Federation
National Farmers Union
National Grange
31
Almost all U.S. cooperatives are incorporated under:
State incorporation statues
Federal incorporation statues
The Capper-Volstead Act
32
The __ is incorporated under laws of the District of Columbia as an education organization
Farm Credit Council
American Institute of Cooperation
National Council of Farmer Cooperative
National Cooperative Business Assocation
33
The __ defines a coop that is eligible to borrow from a bank and the conditions Coop must meet.
Internal Revenue Act of 1962
Cooperative Finance Act of 1965
Farm Credit Act of 1933
Capper-Volstead Act of 1922
34
Who sets policy in a cooperative?
Provisions of the incorporating statue
The Board of Directors elected by the membership
The manager hired by the Board of Directors
35
The most important resource to be managed in a cooperative is its facilites
True
False
36
A cooperative distributes benefits based on
Use of cooperative's services
Amount of investment in the cooperative
Years of membership
37
About what percent of their products do farmers market through their cooperative
75%
25%
50%
38
Current cooperative principles:
Described in law (several espoused by the Rochdale Society)
resemblance to those espoused by the Rochdale Society
Were developed by the U.S. Department of Agriculture
39
Cooperative may obtain services otherwise unavailable or that are more beneficial to members
False
True
40
Who owns the business in an Agricultural Cooperative?
The partners
The individual
The stockholders
The members/patrons
41
Cooperatives can be readily identified from other businesses by:
Their physical appearance
Their operating principles
Who owns them
Products and services they offer
42
A cooperative principle is defined as a:
Wise or expedient rule of conduct or management
Usual method, a customary habit, action or convention
Governing law of conduct, a general or fundamental truth
43
Which of the following principles clearly distinguish cooperatives from other businesses?
Political and religious neutrality
Cash trading
Democratic (one-member, one-vote) control
44
The principle "Limited return on equity capital," means cooperatives:
Aren't allowed to make too much money
Operate the same as other businesses
Emphasize returning benefits according to use
45
The manager of a cooperative
Is hired by the board of directors
appoints the board of directors
Usually owns the most stock
46
Cooperatives operate to maximize
Profits for members/patrons
Return on investment in the cooperative
Profits to be retained by the cooperative
47
Requirements to vote in a cooperative are:
Transacting more than 50% of your business with it
Meeting membership requirements
Owning common stock
48
United States policy has generally been:
Unfavorable toward the creation and operation of cooperative
Neutral toward the creation and operation of cooperatives
Favorable toward the creation and operation of cooperatives
49
Cooperatives are unique in that their member-owners are also their patrons
True
False
50
Approximately how many credit unions are there in the U.S.?
20,000
25,000
10,000
15,000
