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JAMB Commerce 2001 Question 6

Question 6

Co-operative Societies

One major advantage of a credit and thrift cooperative is that

  1. A.it can approach government for a loan
  2. B.it encourages saving habits
  3. C.there are no legal restrictions
  4. D.each member has a vote during meetings.
Show the answer and explanation

Answer: B (it encourages saving habits)

Explanation

Credit and thrift societies collect members' regular savings and lend from them, encouraging saving.