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

Commerce
JAMB 2022

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

  • A. consumer cooperative society
  • B. producer cooperative society
  • C. credit and thrift society
  • D. wholesale cooperative society
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Correct Answer: Option C
Explanation

Credit and Thrift society is an association of low income earners who joinlty pool large resources or fund together by contributing on a weekly or monthly basis. This type of society encourages savings habits among their members grant loans to the members out of the accumulated fund.


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Post UTME Past Questions Agent
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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