Transcript The three most common macro nutrients of fertilizer are?

1996 FFA District
Cooperative Quiz
1. The three basic forms of
business organization in
America include the individually
owned business, the
partnership, and the
corporation.
True or False
Answer
True
2. Cooperatives are organized to
serve the needs of their
members, whereas, other
commercial firms are organized
to earn profits and returns on
invested capital.
True or False
Answer
True
3. Cooperatives differ from other
types of business corporations
because they are controlled by
member-patrons rather than
stockholder-investors.
True or False
Answer
True
4. The underlying reason for a
farmer to use a cooperative is
to increase income.
True or False
Answer
True
5. Patronage refunds refer to the
discount patrons receive at time
of purchase when they pay
cash for their purchases from
coops.
True or False
Answer
False
6. Some cooperatives raise a
portion of their capital needs by
charging a membership fee,
and or retaining some of the
annual savings or profits.
True or False
Answer
True
7. The Capper-Volsted Act limits
returns on equity capital to not
more than 12% if cooperative
members vote on any other
basis than one member-one
vote.
True or False
Answer
False
8. A Cooperative, in effect,
operates at cost when it returns
its net savings to its patrons.
True or False
Answer
True
9. Articles of Incorporation tell how
the corporation is going to
operate, and contain provisions
for membership eligibility,
election of directors, annual
meetings, officers duties, voting
rights, dues, assessments, and
rate paid on member capital.
True or False?
Answer
False
10. Bylaws tell what a cooperative
is going to do, and includes
such things as the name of the
organization, its purpose, the
scope of its authority, its place
of business, number of
directors, and whether the
capital is stock or non-stock.
True or False?
Answer
False
11. Agricultural cooperatives are
not the only kind of
cooperatives. There also are
consumer, retailer-owned and
worker cooperatives.
True or False?
Answer
True
12. Cooperative members elect the
manager at the annual member
meeting?
True of False?
Answer
False
13. Patronage refunds and capital
retains are a convenient means
of helping the member finance
the cooperative. A portion is
often paid or issued to
members in the form of capital
stock or certificates of equity,
rather than cash?
True or False?
Answer
True
14. Two kinds of capital are used
by cooperatives – fixed and
operating. Operating capital is
used to buy such things as
land, buildings, and equipment?
True or false?
Answer
False
15. Partnerships have the
advantage of unlimited liability?
True or False
Answer
False
16. A cooperative must pay federal
income tax on any income it
has that is not allocated to its
patrons, at the same rate as
other corporations pay.
True or False?
Answer
True
17. Employing a competent
manager is one of the most
important responsibilities of the
Board of Directors of a
cooperative.
True or False?
Answer
True
18. All members of a cooperative
are required to invest the same
amount of capital annually.
True or False?
Answer
False
19. The internal Revenue Code
requires that the patrons give
their consent to the cooperative
to treat the non-cash portion of
their patronage refund as the
patrons own ordinary income.
True or False?
Answer
True
20. Credit unions, electric utilities,
and telephone companies can
be cooperatives.
True or False?
Answer
True
21. Cooperatives are federally
chartered corporations.
True or False?
Answer
False
22. Centralized cooperatives have
individual farmers as members,
whereas federated
cooperatives usually have
cooperatives as members.
True or False?
Answer
True
23. Cooperatives are for farmers
only, not for city people.
True or False?
Answer
False
24. Revolving capital financing is
widely used by cooperatives
and is particularly suited to their
operations.
True or False?
Answer
True
25. In cooperatives, preferred stock
is usually voting stock and
common stock is generally
non-voting.
True or False?
Answer
False
26. Investing initial capital in a
cooperative is not a basic
member responsibility.
True or False?
Answer
False
27. The benefits of cooperative
membership are derived from
patronage- not from the
earnings of invested capital.
True or False?
Answer
True
28. As a general rule, revolving
fund certificates have a
specified repayment date. (due
date)
True or False?
Answer
False
29. Capital reserves are usually
built up from net operating
margins.
True or False?
Answer
True
30. The cooperatives manager and
staff decide what the
cooperative will do.
True or False?
Answer
False
31. Bargaining cooperatives,
prior to negotiating with the large
companies that buy their
members products, must:
A. Own delivery trucks
B. Own a large warehouse
C. Be prepared to negotiate price, quality, and
delivery.
D. Be able to take physical possession of
product.
Answer
C. Be prepared to negotiate price ,
quality, and delivery.
32. Each member owner of a
cooperative has at least one vote
in the election of:
A.
B.
C.
D.
President
Manager
Board of Directors
Secretary - tresurer
Answer
C. Board of Directors
33. A Capital Reserve is:
A. Built from net operating margins
B. Accumulated by a charge to operations
C. Handled as an operating expense
Answer
A. Built from net operating margins
34. Under a revolving capital
plan:
A. Repayment is made first to members with the
newest contributions
B. Repayment is made on a specific date.
C. Funds are revolved every 4 years
D. Current investment in the cooperative is
largely by the current patrons.
Answer
D. Current investment in the cooperative is
largely by the current patrons.
35. The number of farmer
cooperatives providing
marketing, purchasing, and
related services in the U.S.
equals about
A.
B.
C.
D.
600
4,000
40,000
50,000
Answer
B. 4,000
36. About the following total number
of separate cooperative
organizations (including marketing,
purchasing, credit, irrigation, fire,
etc.) operate in America today.
A.
B.
C.
D.
10,000
20,000
30,000
40,000
Answer
D. 40,000
37. Cooperatives market about
the following percent of all
agricultural products in America:
A.
B.
C.
D.
10
20
30
40
Answer
C. 30 %
38. Cooperatives supply about
the following percent of all
agricultural supply requirements
in America.
A.
B.
C.
D.
10
15
25
40
Answer
C. 25 %
39. Assume that a cooperative has $900,000
invested in buildings, facilities, and equipment.
There is a need to employ a new truck driver.
The authority to select and hire this person
usually belongs to:
A. The members of the cooperative
B. The board of directors
C. The manager
Answer
C. The Manager
40. Which federal law clarified
the right of producers of
agricultural products to form
cooperatives with out violating
the anti-trust laws ?
A. The Capper-Volstead Act
B. The Sherman Anti-Trust Act
C. The Taft-Hartley Act
Answer
A. The Capper-Volstead Act
41. Members exercise control
over their cooperative:
A. By understanding the purposes and
objectives of the co-op.
B. By voting for members of the board of
directors and by attending, speaking out
and voting at the co-op annual meeting.
C. By frequently visiting and instructing the
manager of the co-op on how to improve
the operations of the cooperative.
Answer
B. By voting for members of the board
of directors and by attending,
speaking out and voting at the co-op
annual meeting.
42. The fundamental difference
between cooperatives and other
types of business is in their:
A.
B.
C.
D.
Articles of Incorporation
Bylaws
Objective
Dividends
Answer
C. Objective
43. The Primary Source of
specialized credit for agricultural
cooperatives is:
A. Farm Credit Services
B. Investor-owned banks
C. CoBank (formerly Banks for
Cooperatives)
Answer
c. CoBank (formerly Banks for
Cooperatives)
Tie Breaker – 1/5
1. Name three of the four principles
of all cooperatives.
Answer
Any three of these four answers
1)
2)
3)
4)
Democratic control
Limited returns on equity capital
Service at cost
Financial obligations and benefits
proportional to use
Tie Breaker – 2/5
2. Name the two legal documents
that all corporations, including
cooperatives, must have in order to
incorporate.
Answer
1. Articles of incorporation
2. Bylaws
Tie Breaker – 3/5
3. Three basic forms of business
organizations comprise our
American private enterprise system.
They are:
Answer
1) Democratic control
2) Limited returns on equity
capital
3) Service at cost
Tie Breaker – 4/5
4. Who are the three groups of
people involved in the operation of
a cooperative?
Answer
1. Members
2. Directors
3. Managers
Tie Breaker – 5/5
5. In order to qualify as a
Capper-Volstead cooperative a
marketing cooperative must
operate for the mutual benefit of
its members, and conform to one
or both of the following
requirements
Answer
1. Limit dividends on stock or membership
capital to 8% per year, or
2. Restrict voting rights to one member-one
vote
2004 FFA District
Cooperative Quiz
1. A partnership is a business
jointly owned by two or more
people who have agreed to
operate on a partnership
basis.
True or False?
Answer
True
2. Cooperatives are federally
chartered business.
True or False?
Answer
False
3. Cooperative stock is usually
not traded on stock
exchanges.
True or False?
Answer
True
4. Centralized cooperatives
have individual farmers as
members, whereas,
federated cooperatives
usually have local
cooperatives as members.
True or False?
Answer
True
5. Preferred stock in a
cooperative is usually the
voting stock and common stock
is generally non-voting.
True or False?
Answer
False
6. Investing initial capital in a
cooperative is not basic
members.
True or False?
Answer
False
7. Fixed capital is money to buy
such things as land buildings
and equipment and is usually
borrowed for longer periods of
time than money for other
capital needs.
True or False?
Answer
True
8. Revolving capital financing is
widely used by cooperatives
and is peculiarly suited to their
operations.
True or False?
Answer
True
9. Cooperative are only for
farmers—not for city people
True or False?
Answer
False
10. The farm credit system was
organized charted and
financed by the federal
government over a period of
years starting in 1917 but now
privately finances its
operations.
True or False?
Answer
True
11. The benefits of cooperative
membership are derived from
patronage - not from the earnings
of invested funds.
True or False?
Answer
True
12. The internal revenue code
requires that the patrons give their
consent to the cooperative to treat
the non-cash portion of their
patronage refund as the patron’s
own ordinary income.
True or False?
Answer
True
13. A credit union is not a cooperative.
True or False?
Answer
False
14. Capital reserves are usually
built up from net operating
margins.
True or False?
Answer
True
15. Partnerships have the
advantage of unlimited liability.
True or False?
Answer
False
16. Employing a competent manager is
one of the most important
responsibilities of members of a
cooperative.
True or False?
Answer
False
17. Farmer cooperatives must file
federal and state income tax
statements just like other
corporations.
True or False?
Answer
True
18. Cooperatives differ from other
types of business corporations
because they are controlled by
member-patrons rather than
stockholder-investors.
True or False?
Answer
True
19.
All cooperatives qualify for
federal income tax exemption
True or False?
Answer
False
20. As a general rule, revolving fund
certificates have a specified
repayment date (due date).
True or False?
Answer
False
21. All members of a cooperative
are required to invest the same
amount of capital annually.
True or False?
Answer
False
22. Marketing cooperatives wait
until all of their members crops are
harvested before trying to contact
potential customers.
True or False?
Answer
False
23. The final approval of a major
change in the bylaws would be the
responsibility of the Board of
Directors.
True or False?
Answer
False
24. Each member-owner of a
cooperative has at least one vote in
the election of the Board of
Directors.
True or False?
Answer
True
25. Final approval of a cooperative
merger with another cooperative is
in the hands of the Board of
Directors.
True or False?
Answer
False
26. The underlying reason for a
farmer to use a cooperative is to
increase income.
True or False?
Answer
True
27. Patronage refunds refer to the
discount of patrons receive at
the time of purchase when they
pay cash for their purchases
from a cooperative.
True or False?
Answer
False
28. Some cooperatives raise a
portion of their capital needs by
charging a membership fee
and/or retaining some of the
annual savings or profits.
True or False?
Answer
True
29. A cooperative, in effect,
operates at cost when it returns
its net savings to its patrons.
True or False ?
Answer
True
30. The Capper-Volstead Act it’s
the federal law that clarifies the
right of producers of agricultural
products to form cooperatives
without violating anti-trust laws.
True or False?
Answer
True
31. Bargaining cooperatives, prior
to negotiating with the large
companies that buy their member’s
products, must:
A. Own Delivery Trucks
B. Own a large warehouse
C. Be prepared to negotiate price, quality and
delivery
D. Be able to take physical possession of product
Answer
C. Be prepared to negotiate price,
quality and delivery
32.Each member-owner of a
cooperative has at least one
vote in the election of:
A. President
B. Manager
C. Board of Directors
D. Secretary-Treasurer
Answer
C. Board of Directors
33. A capital reserve is:
A. Built from net operating margins
B. Accumulated by a charge to operations
C. Handled as an operating
Answer
A. Built from net operating margins
34. Under a revolving capital plan:
A. Repayment is made first to members with
newest contributions
B. Repayment is made on a specific date.
C. Funds are revolved every 4 years
D. Current investment in the cooperation is largely
by the current patrons.
Answer
D. Current investment in the
cooperation is largely by the
current patrons.
35. A cooperative that has other
cooperatives as members is called:
A. Centralized
B. Federated
C. Local
D. mixed
Answer
B. Federated
36. One of the key responsibilities of
a member of a cooperative is to:
A. Vote on the selection of the cooperative
manager
B. Assist the cooperative with tax planning
C. Evaluate the job performance of the cooperative
employees
D. Patronize the cooperative
Answer
D. Patronize the cooperative
37. There are three primary ways
cooperative members provide equity
to their cooperative. One of them is:
A. pay cooperative bills
B. use a cooperative credit card
C. direct investment
D. Refer non-member business to the cooperative
Answer
C. direct investment
38. Cooperatives supply about the
following percent of all agricultural
supply requirements in America:
A.
B.
C.
D.
10
15
25
40
Answer
c. 25%
39. Assume that a cooperative has
$900,000 invested in buildings,
facilities and equipment. There is a
need to employ a new truck driver.
The authority to select and hire this
person usually belongs to :
a.The members of the cooperative
b.The board of directors
c.The manager
Answer
C. The manager
40. Which federal law clarified the
right of producers of agricultural
products to form cooperatives
without violating the anti-trust laws.
A. The Capper-Volstead Act
B. The Sherman Anti-Trust Act
C. The Taft-Harley Act
Answer
A. The Capper-Volstead Act
41. Members exercise control over
their cooperative:
A. By understanding the purposes and
objectives of the co-op.
B. By voting for members of the board of
directors and by attending, speaking out
and voting at the co-op annual meeting
C. By frequently visiting and instructing the
manager of the co-op on how to improve
the operations of the cooperative.
Answer
B. By voting for members of the board of
directors and by attending, speaking out
and voting at the co-op annual meeting
42. The Fundamental difference
between cooperatives and other
types of business is in their :
A.
B.
C.
D.
Articles of incorporation
Bylaws
Objective
Dividends
Answer
C. objective
43. The primary source of
specialized credit for agricultural
cooperatives is :
A. The Federal Land Bank
B. Investor-owned banks
C. CoBank
Answer
C. CoBank
2000 FFA District
Cooperative Quiz
1. Cooperatives are common in
such areas of business as :
insurance, credit, agriculture,
consumer goods and rural
electricity
True or False?
Answer
True
2. Cooperatives eliminate the
profit motive among farmers.
True or False?
Answer
False
3. Both the investor-oriented
corporations and the
cooperative corporation must
be legally chartered to do
business.
True or False?
Answer
True
4. If an individually owned
business firm were to fail, it
would not be possible for the
owner to lose more than
he/she invested in the
business.
True or False?
Answer
False
5. In a cooperative, not earnings
are retuned to members based
on how much the member
patronized the cooperative
True or False?
Answer
True
6. Cooperatives are owned and
controlled by members.
True or False?
Answer
True
7. In partnerships, income is
distributed among partners
according to the percentage of
business each one owns.
True or False?
Answer
True
8. In a cooperative, capital is
generally supplied by investors
seeking profits.
True or False?
Answer
False
9. Cooperatives were formed by
farmers to help influence
legislation favorable to
agriculture.
True or False?
Answer
False
10. Although farmers may get better
prices by using cooperatives,
they sacrifice some
management control over their
own farm operation.
True or False?
Answer
False
11. Cooperatives can provide
benefits because they can use
large scale purchasing and
marketing.
True or False?
Answer
True
12. A cooperative is voluntary
association of people organized for
business to serve themselves on a
least cost-basis.
True or False?
Answer
True
13. Cooperatives are popular in
agriculture, but more cooperatives
are found in other areas of
business
True or False?
Answer
True
14. Control of a cooperative rests
in the hands of the members of
the co-op.
True or False?
Answer
True
15. A cooperative must be big to
serve the member-patron well.
True or False?
Answer
False
16. Individually owned businesses,
partnerships, corporations, and
cooperative corporations help to
provide our communities with
needed goods and services.
True or False?
Answer
True
17. In a investor-oriented
corporation, profits are shared
in direct relation relation to the
amount of stock owned.
True or False?
Answer
True
18. A Cooperative is a user-owned
and user-controlled business that
distributes benefits in the basis of
use.
True or False?
Answer
True
19.
the success of a cooperative
depends largely on a member
participation.
True or False?
Answer
true
20. There are informal and
formal types of cooperation.
True or False?
Answer
true
21. American's system of
business is often described as
the corporate enterprise system.
True or False?
Answer
False
22. Socialism and communism are
examples of political economic
system.
True or False?
Answer
true
23. There are two types of
corporation – public and private.
True or False?
Answer
False
24. One way a cooperative is like
any other business is that its
operation are based on sound
business practice.
True or False?
Answer
True
25. A cooperative is different from
other businesses by the fact that the
people who controlled the
cooperative are those that use the
cooperative.
True or False?
Answer
true
26. George Washington started the
first formal cooperative business—
the Philadelphia contribution for the
insurance of houses from lass by
fire.
True or False?
Answer
True
27. One early from of
cooperation was garden
clubs.
True or False?
Answer
False
28. Early cooperation leadership in
America was provided by the
national grange national;
farmers union and American
farm bureau federation.
True or False?
Answer
True
29. A marketing cooperative is an
examples of a type of U.S
farmer cooperative.
True or False ?
Answer
True
30. Ace hardware is a non
agricultural business
cooperative.
True or False?
Answer
false
31. One Example of an
“economic system” is:
A.
B.
C.
D.
Communist economy
Centrally Planned
Capitalism
Hinduism
Answer
B. Centrally Planned
32. One example of a
“political economic system” is
A. Communist economy
B. Centrally Planned
C. Capitalism
D. Hinduism
Answer
C. Capitalism
33. People should cooperate to:
A. Reduce competition in the
marketplace
B. Increase Tax Payments
C. Ensure a source of supply
Answer
A. Reduce competition in the
marketplace
34. A cooperative has the
advantage of:
A. Limited in scope of operation
B. Many sources of finances
C. Safety from outside takeover
Answer
B. Many sources of finances
35. A cooperative has the
disadvantage of:
A. Limited in scope of operation
B. Many sources of finances
C. Safety from outside takeover
Answer
A. Limited in scope of operation
36. Each member of a
cooperative has at least one
vote in the election of :
A. President
B. Manager
C. Board of Directors
D. Secretary-Treasurer
Answer
C. Board of Directors
37. In 1922 Congress passed
the:
A. Cooperative Marketing Act
B. Farm Credit Act
C. Rural Electrification Act
D. Capper-Volstead Act
Answer
D. Capper-Volstead Act
38. The original Rochdale
Principles include :
A. Duty to educate
B. Membership is closed
C. Equity is borrowed from a bank
Answer
A. Duty to educate
39. The difference between the
original Rochdale Principles and
principles wildly used today is:
A. Net income distributed to
patrons as refunds on a cost
basis
B. Capital provided by patrons and
returns are limited
C. Voting by members of a
democratic or proportional basis
Answer
B. Capital provided by patrons and
returns are limited
40. The fundamental difference
between cooperatives and other
types of business is in their:
A. Articles of incorporation
B. Bylaws
C. Objective
D. Dividends
Answer
C. Objective
41. One commodity that
accounts for 80% of agricultural
cooperatives marketing volume
is:
A. Tobacco
B. Sugar
C. Fruits and Vegetables
Answer
C. Fruits and Vegetables
42. A worker-owned
cooperative could include a:
A. Preschool
B. Taxicab Company
C. Bank
Answer
C. Bank
43. The following is not a source
of borrowed capital for a
cooperative:
A. The Veterans Administration
B. Commercial banks
C. National bank for Cooperatives
(CoBank)
Answer
A. The Veterans Administration
Tie Breaker – 1/5
1. Name three responsibilities of
cooperative directors.
Answer
Any three of these five answers
1) hiring and evaluating the general manager
2) setting long term goals and objectives for the
association
3) determining the best allocation of the
companies resources
4) approving the hire of key personnel
5) and overseeing the financial performance of
the association.
Tie Breaker – 2/5
2. Name three of the four basic
principles the American business
system is based on:
Answer
1.
2.
3.
4.
freedom of choice;
private property rights;
profit motive of owners; and
owner control
Tie Breaker – 3/5
3. Three basic forms of business in
America. They are:
Answer
1) Individual Ownership
2) Partnerships
3) Corporations
Tie Breaker – 4/5
4. What are the two types of
financial structures for cooperatives ?
Answer
1. Members
2. Directors
3. Managers
Tie Breaker – 5/5
5. In order to qualify as a
Capper-Volstead cooperative a
marketing cooperative must
operate for the mutual benefit of
its members, and conform to one
or both of the following
requirements
Answer
1. Limit dividends on stock or membership
capital to 8% per year, or
2. Restrict voting rights to one member-one
vote
The End