What is a co-op, and what is its usual purpose?
What will be an ideal response?
Answer: A cooperative is a corporation owned by its members who have pooled their resources for the benefit of all of them. Its purpose is to provide a service to its members rather than to make a profit.
Explanation: A cooperative is a corporation owned by its user members, who have pooled their resources for their mutual benefit. The purpose of a co-op is not so much to make a profit as to provide a service to its members.
You might also like to view...
The post-closing trial balance differs from the adjusted trial balance in that it:
A) does not take into account closing entries. B) does not take into account adjusting entries. C) does not include balance sheet accounts. D) does not include income statement accounts.
Which of the following actions is closely associated with the niche strategy?
a. Choosing a target market that is not crucial for the success of major competitors b. Manufacturing products in bulk and targeting the average customer c. Selling products that do not have extra frills d. Creating cross-departmental teams across all the strategic business units
Mark owns a bar. The bar has a back room where Mark has some slot machines. Mark lets some of his patrons play the machines, and Mark keeps any profits
This type of gambling is illegal where Mark lives. Mark wanted to purchase insurance in case his slot machines were confiscated by the police. Such an insurance contract would not be enforceable. Which requirement needed to form a valid insurance contract is missing? A) consideration B) offer and acceptance C) legal purpose D) competent parties
Generally, an economic SWOT analysis will move in this direction:
A) the industry outlook to the broad economy to firm specific information and finally individual store sales. B) the broad economy to the industry outlook to firm specific information and finally individual store sales. C) the industry outlook to the broad economy to individual store sales and finally to firm specific information. D) the broad economy to the industry outlook to individual store sales and finally to firm specific information.