Final Exam

Which approach is preferable for ensuring accountability in a cooperative?

• Close supervision with clear expectations and regular check-ins.

• Complete autonomy without any oversight.

• Ignoring the activities of cooperative members.

• Micromanaging every aspect of cooperative operations.

   

The manage and his staff known as

• owners

• members

• hired management

• board of directors

The ______ posits that a business will continue its operations into the foreseeable future without liquidation or interruption

• Depreciation

• Accounting

• Going Concern Assumption

• Member's Equity

Accounting has been called the

• Language of love

• Language of Business

• Language of Income

• Language of Transaction

In law, there is a doctrine called de minimis non curat lex, which means that the court will not consider trivial matters.

• Conservatism

• Consistency

• Materiality

• Minimal

Which leadership approach is most conducive to fostering a positive organizational culture in a cooperative?

• Transformational leadership that inspires and motivates.

• Laissez-faire leadership with minimal involvement.

• Transactional leadership based on rewards and punishments

• Authoritarian leadership with a focus on hierarchy.

The word "______" is used to mean a general law or rule adopted or professed as a guide to action.

• Process

• Figure

• Accounting

• Principle

The _____ asserts that assets should be recorded at their original purchase cost rather than their current market value.

• The Dual Aspect Principle

• The Business Entity

• The Accrual Principle

• Value Equals Cost

What role does empathy play in effective leadership of a cooperative?

• Empathy is relevant in effective leadership

• Empathy fosters understanding and trust among members.

• Empathy should be reserved only for certain members.

• Effective leadership relies solely on authority and control.

The manager has the following responsibilities

I. Assumes full responsibility for the operation as delegated by the board of directors

II. Recommends specific goals to the board.

III. Capitalize the cooperative.

IV. Maintains channels of communication with the members and the public.

V. Sets up the organizational structure and recruits the staff.

 

• Only Statement I is true

• Statement I, II, and IV are true

• Statement I, II, and V are true

• All Statements are true