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WAEC Commerce 2012 Question 47

Question 47

Co-operative Societies

The functions of credit and thrift society do not include

  1. A.charging low interest rate on loan.
  2. B.providing savings facilities.
  3. C.encouraging mutual co-operation of members.
  4. D.providing security for members' property.
Show the answer and explanation

Answer: D (providing security for members' property.)

Explanation

Thrift and credit societies take savings and give loans; they do not guard members' property.