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What is a defining characteristic of a cooperative?

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Question: What is a defining characteristic of a cooperative?

Options:

  1. Owned by shareholders
  2. Owned and operated for the benefit of members
  3. Limited liability for owners
  4. Managed by a board of directors

Correct Answer: Owned and operated for the benefit of members

Solution: 

A cooperative is owned and operated for the benefit of its members, who use its services.

What is a defining characteristic of a cooperative?

Practice Questions

Q1
What is a defining characteristic of a cooperative?
  1. Owned by shareholders
  2. Owned and operated for the benefit of members
  3. Limited liability for owners
  4. Managed by a board of directors

Questions & Step-by-Step Solutions

What is a defining characteristic of a cooperative?
  • Step 1: Understand what a cooperative is. A cooperative is a type of organization.
  • Step 2: Know who owns a cooperative. It is owned by the people who use it.
  • Step 3: Learn about the purpose of a cooperative. It operates to benefit its members.
  • Step 4: Recognize that members use the services provided by the cooperative.
  • Cooperative Ownership – A cooperative is an organization owned and operated by its members for their mutual benefit.
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