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WAEC Commerce 2020 Question 9

Question 9

Co-operative Societies

A business unit in which savings of members are lent to others is a

  1. A.consumer cooperative society.
  2. B.producer cooperative society.
  3. C.credit and thrift society.
  4. D.wholesale cooperative society.
Show the answer and explanation

Answer: C (credit and thrift society.)

Explanation

A thrift and credit society collects members' savings and lends them to members.