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What is a key characteristic of a cooperative bank?

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Question: What is a key characteristic of a cooperative bank?

Options:

  1. Owned by shareholders
  2. Operates for profit
  3. Owned and operated by members
  4. Regulated by the central bank

Correct Answer: Owned and operated by members

Solution: 

Cooperative banks are owned and operated by their members, focusing on serving their needs.

What is a key characteristic of a cooperative bank?

Practice Questions

Q1
What is a key characteristic of a cooperative bank?
  1. Owned by shareholders
  2. Operates for profit
  3. Owned and operated by members
  4. Regulated by the central bank

Questions & Step-by-Step Solutions

What is a key characteristic of a cooperative bank?
  • Step 1: Understand that a cooperative bank is a type of financial institution.
  • Step 2: Know that it is owned by the people who use its services, called members.
  • Step 3: Realize that the main goal of a cooperative bank is to serve the needs of its members, rather than to make a profit.
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