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Quiz 5 Answers
1. List the three overall
responsibilities of a member in a cooperative.
a) Commit to and use the cooperative
b) Own and control the cooperative
c) Finance the cooperative according to
membership and use
2. Write YES in front of five
member responsibilities in a cooperative. (Answer: a, c, d, f, h)
Yes a) Understand the cooperative
b) Staff the cooperative
Yes c) Select and
evaluate directors
Yes d) Help obtain
new members
e) Report to the board of
directors
Yes f) Adopt legal papers
g) Carry out employee
performance evaluations
Yes h) Provide
necessary financial capital
3. In the following list,
write YES in front of statements that describe responsibilities of
cooperative directors.
(Answer: a, c, e, f, h, i)
Yes a) Adopt long-range/strategic plans
b) Staff the cooperative
Yes c) Approve distribution of equities
d) Direct the day-to-day business activities
Yes
e) Employ a competent manager
Yes f) Appoint an outside auditing firm
g) Carry out performance evaluations of employees
Yes h) Decide on the distribution of the
cooperative's net earnings
Yes i) Require that accurate accounts and
records be kept
j) Decide on what employees will be used to carry out cooperative
strategic plans
4. True/False (Answer: True: 3, 5,
6, 8, 10; False: 1, 2, 4, 7, 9)
False 1. Members approve or hire all
cooperative employees.
False 2. The board chair is elected by the
members.
True 3. All members in good standing may vote
in director selection.
False 4. Directors hire all cooperative
employees.
True 5. The board chair is elected by the
directors.
True 6. All co-op directors are co-op members
(except that some cooperatives allow outside directors).
False
7. All problems have only one correct solution.
True 8. A good director will support the
cooperative with all of their business.
False 9. A strong political affiliation is
important for a director.
True
10. Any member in good standing could be elected as a director.
5. Write a short paragraph
stating what you, as a cooperative director, would be responsible for.
A director, as a part of the board,
should preserve the cooperative character, safeguard assets, hire the
general manager/CEO, set policies, distribute benefits (patronage refunds
& equities), plan for the future (strategic planning), evaluate the
general manager/CEO, elect board officers, and appoint committees.
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