Business & Finance

Ever since money was invented, we've been involved in business and financial transactions. Questions here are about all commercial, financial and industrial activity related to the economy, investing, and stock markets. This includes questions and information about production and manufacturing, exchange and distribution of goods or commodities, and management of money and other assets.

Business & Finance

What are the contribution of cooperative society to Nigeria?

Cooperative Societies are organizations that are made up of people who have come together to contribute their resources for their common benefit. Cooperative societies are enterprises jointly owned and managed, who engage in the production or sale of goods and/or services for the common benefit of its members.

Cooperative societies can also be defined as an autonomous group of individuals pooling their resources together in order to jointly elevate themselves economically, socially, or culturally.

Cooperative societies come in many types and kinds. In the simple description, some cooperative societies are formed by a set of people who intend to lift each other up financially or otherwise, so they pool their resources, and each member benefits at intervals.

Some of these cooperatives engage in businesses, and their members share the returns. Others, which are locally popular, just help their members get money in bulk. For example, 10 people come together and contribute N1000 monthly. Each month, one of the 10 goes home with N10,000 and continues his payment monthly.

Also there is a kind of cooperative, usually found in large commissions and Local Governments. These are owned by a set of people as a business. They accept people to join and deduct a certain sum usually from their salaries, adding the amounts up in the person’s account with them. At any point in time, the individual can request for a loan.

The cooperative can give more than even what the person has in his/her account with them, depending on their terms. They take their percentage. Also they invest the money and give the members dividend at the end of the year.

Read Also: Problems And Prospects Of Rural Banking In Nigeria

Types of Co-operative Societies

1) Producer Cooperative Societies

These are usually formed to eliminate middlemen and capitalist groups from industrial production. This cooperative society produces goods for the requirements of its members. The members get dividends according to the capital invested by them.

The main objectives of this cooperative society is to purchase raw materials at economical prices, produce goods and services efficiently, eliminate middle men, and dispose surplus in form of sales to outsiders at maximum prices.

2) Consumer Cooperative Societies

These kinds of cooperatives are formed by ordinary people to meet their needs. They majorly buy goods in bulk from producers or wholesalers and distributes the goods purchased to its members, thereby skipping retailers. The surplus is sold and profits are distributed among the members according to the value of their purchases. Their main objectives are to eliminate retailers, capitalists and sometimes wholesalers and promote the welfare of the members.

3) Marketing Cooperative Society

These kinds of cooperative societies are formed by producers in order to collectively, effectively and efficiently dispose off their output. Profits are divided according to each member’s contribution to the collective output. The main objectives of these kinds of cooperatives are to eliminate middlemen and their high cost of marketing, influence the demand-supply forces, provide storage facilities, provide information to the members, provide financial facilities to the members, and essentially help sell the members produce at the most convenient prices to achieve good gains.

4) Insurance Cooperative Society

This type of cooperatives are created for the purpose of providing group insurance facilities to its members. They come together and collectively make contracts with sound insurance companies on collective basis. The main objective of this cooperative is to decrease the amount of insurance premium.

5) Housing Cooperative Society

This is usually an association of middle and low income earners, formed in urban areas to help its members get the best and cheapest housing deals, prevent exploitation by landlords and provide financial assistance to members in respect of building materials. This is also known as a building society.

6) Cooperative Farming Society/ Agricultural Society

This kind of cooperative is organized for the purpose of maximizing the benefits of large scale farming. It helps increase production per acre and improve technique of cultivation, irrigation system and assist members.

7) Credit and Thrift Cooperative Society

These kinds of societies are formed with the purpose of providing short term financial aid to its members. These cooperatives are very common and can be grouped into agricultural credit societies and non agricult

Business & Finance
The Difference Between
Legal Definitions

What is the difference between margin and margin?

Profit margins are important if your suppliers keep raising the price of the product you need to sell or product you need for manufacturing. Margins are the differnt changes in the cost to profit percentages. If you buy a case of cookies for 5 dollars and sell them each for 10 dollars profit percentage is a 200 % or 50 % mark up. So your supplier now charges 6 dollars and you still sell them for 10 dollars . Your cost to profit percentages drop. If you raise your prices . Then the cost to profit percentages rises. This fluctuations are called margins. Most distributors want you to eat the loss in these fluctuations because . because your changing the the supply and demand curve. Which state and that and increase in price changes the quantity demand. which in laymens term states that you will sell less. In which drop the profit of both you and your distributor. Which probably hurt the distributors more because of his overhead. Any time your raise a price of a product you slow the sale of that product. That why margins are important.
Sales and Customer Service
Business & Finance
Restaurants and Dining Establishments

What is the proper amount to tip for customer service?

Generally speaking, most people in the United States will tell you that good service deserves a 15-20% tip. As a former server myself, I tend to give more than 20% to support my fellow industry friends as a sign of solidarity. Also, I'm proud to say that when I was last waiting tables, I averaged above 25% tips, but that's because I was lucky enough to have wonderful regular customers.

Truly great service can be rare, but in my opinion, there's no ceiling on what percentage of tip your server deserves. I've given out 100% tips on special occasions when the experience was extremely special and personalized.

Business & Finance
Swift Codes and Routing Numbers

What is ABA number for HSBC Bank?

The ABA # for HSBC is 022000020

Business & Finance
Planet Mars

What is the meaning of 'Have you ever been bonded'?

The concept of employee bonding is really an insurance matter relating to the employer’s efforts to protect itself against wrongful acts by its employees. In industries where employees have direct access to money or to property, the employer will often be keen to protect itself against the impact of employee theft. Also, certain businesses will be required by their customers to provide proof that they are bonded. For instance, customers of commercial cleaning companies might demand the cleaners be bonded. This provides both peace of mind (that the cleaners are trustworthy) and financial protection in the event of theft.
Business & Finance
Gold and Precious Metals

Is gold a good investment or will the price of it go down?

Well, yellow gold is not a good investment now; yes; the price has gone down and will go down more soon; because there is another Precious Metal in popularity today, in control of the market prices today. Now People know that is New Classic pure solid color white gold formula alloy's is better quality in durability; and this white gold is life time guaranty; now the 1920's the pure solid color white gold formula alloys come Back today. People know they do not need yellow gold to make white gold... Wake up ! Yes another good investment is Jade; the value is more value that yellow gold; is better to investment in Jade $3000 dollar's per ounce depending of the quality's and the American Dollar's is going up; because the American Community is united, working together in services. For more information Call 1-626-434- 5225 or see website Living Life Enterprises Presents.wix in Google! Sincerely... C.U.I. Inc. General Imports & Exports in Business from 1982. U.S.A. P.R. Companies...

Debt and Bankruptcy
Business & Finance

How can you find the DD number in Demand Draft?

The first variable is the DD number which will of 6 digits, followed by 9 digit MICR code, then followed by the next 6 digits (may not exists in some banks) and lastly the 2 digit transaction code.

Business Accounting and Bookkeeping
Business & Finance

What accounting standards are used in Fiji?

Nebosh Course Details offers an excellent understanding of foundation health and safety concepts, so it's ideal for people with responsibilities in health and safety.
Business & Finance

How do you calculate brass in sand?

The word "brass" refers to a measure of quantity for loose material (like sand, metal, etc). This term is common in India.

One brass equals one hundred cubic feet volume.

Calculate the volume of sand and divide by 100 cubic feet to get the number of brass units.

Business & Finance
Computer and Internet Fraud
Emigration and Refugees

Is there a refugee girl in Dakar Senegal asking for help?

Please do not fall for this nonsense. There are a hundred scam mails running around with the same story, they just change the girls name.

The basic answer is that people claiming to be in such camps are trying to defraud you.

Very few people in a refugee camp, if any, would have Internet access. Especially to the extent that these people have.

If you have received an email from a person (especially a female) who claimed he/she is residing in a refugee camp in Dakar, Senegal, it is a fraud. There is no camp in Senegal. That person is part of a well-known swindle.

Should you wish to donate money to refugee camps it is highly recommended you do so through a recognized charity.

Here are answers from various WikiAnswer contributors:

(there is also a sample letter posted further down this page)

  • There has been an "advance fee" scam going for awhile in which a person - most always a girl/woman - will strike up contact with someone, either as a pen pal or some other innocent encounter. Then, at a certain point, she'll let it drop that she could get a lot of money owed her, or even get out of the refugee camp, if only she had $X or £X for this, that or the other.
  • He/she uses a lot of names. It can be a woman who is writing the letters or it can be a man pretending to be a woman, or it can be a gang of men (such as the gangs from Nigeria who pull similar scams on dating agency sites) by pretending to be women who need your help. It is a well-known scam. It's all lies.
  • It's a scam she's a fake, and the refugee camp doesn't exist, why bother? Moreover, the photos that she/he sends you it not a picture of her.
  • He/she who is behind the letters is very smart and knows how to enter your heart very easily. I for one believed her/him till the end. She/he is a good actor, and she/he has the tools to prove that she/he is telling you the truth like the bank email and British phone number. She/he is very good swindler, its a very clever scam.
  • If you have you received an email from a girl claiming she is residing in a refugee camp in Dakar, Senegal, it's a scam and there is no camp in Senegal. That person is a swindler.
  • There has been an "advance fee" scam going for awhile in which a person - most always a girl/woman - will strike up contact with someone, either as a pen pal or some other innocent encounter. Then, at a certain point, she'll let it drop that she could get a lot of money that is owed to her, or even get her out of the refugee camp, if only she had $X or £X, etc., for this, that or the other.
  • It's a scam and there is no camp in Senegal. That person is a swindler.
  • Here is an example of the initial type of letters these scammers write (the names have been removed) before moving on to ask you for money:

" My name is XXXX XXXXXX from South Sudan, but presently i am residing at the N'dioum refugee camp here in Dakar Senegal as the result of the civil war out of political crisis going on in my country, the camp is headed by the Rev whom i use his office computer to write to you when he is less busy at the office, i was a medical student reading nursing before the incident that leads me to be here. My Father Dr XXXXXX XXXXX XXXX ,died in December 2011 . My father was a freedom fighter, he was the leader of the South Sudan Democratic Movement , and the South Sudan Army before the rebels attacked our house one early morning and killed him alongside with my sweet mother oh? may their souls rest in peace, i managed to make my way to Senegal where i am living now as a refugee by the help of the Red Cross Society. I will like to know more about you, your likes and dislikes and what you are doing presently, i will tell you more of me in my next mail if you write back to me again. i will be waiting patiently to read again a mail from you, thanks and God bless you, i remain yours forever. "

  • In return for your help, you will eventually be promised huge amounts of money that is supposedly owned to them as an inheritance (or some such nonsense) in return for your assistance. There will also be the promise of a relationship or sexual relationship with them. If you respond, sooner or later you will be asked to pay a fee to help them obtain something or to help them get somewhere such as coming to visit you. If you pay, another fee will quickly be requested for something else and it will continue that way until you give up or run out of money. You will never see the huge amount of money that you were promised, because that never existed. Neither will they ever come to visit you. Usually the fraud is run by gangs of men pretending to be women, even to the extent of written communication with you live on Instant Messenger while pretending to be female.
Business & Finance
Medical Terminology

What is an antiglycolytic agent?

Actually, an antiglycolytic agent prevents gylcolysis, the breakdown or metabolism of glucose (blood sugar) by blood cells.

Business & Finance
Business Plans
Business Networking

Who owns public companies?

Public Limited Companies are owned by their shareholders. Because only public limited companies are listed on stock markets, all of whom are by definition, virtually anyone with enough money to buy shares on the stock market could be a potential co-owner of a public company.

Business & Finance
Job Applications

Is 40wpm good or bad for a clerk job?

40 wpm is very good for Clerk Job, Generally in various competitive exams , it is a demanding speed. So it is good if you type without error, if some errors are happening than try to overcome it in English.

There are some tips you should need to follow .

1. you should look on the the material you have to type.

2. you should not look on the screen .

3. use good software to get c command on typing.

Business & Finance
US Civil War
History of the United States
US Civil War Battles

What side was the confederate army on north or south?

The Confederates were the south.

The Union were the north.

Business & Finance
Currency Conversions

What does a UK Quid equal to the US Dollar?

10,000,000 in u k

To us dollars

Business & Finance
Stock Market
Stock Options and Futures

What is contra in stock trading?

When you buy stocks, the actual stocks get delivered to your trading account only after 3 business days and you pay for the stocks only when they are delivered BUT you are already the owner of the stocks BEFORE they are delivered or PAID FOR. As such, if you sell those stocks within that 3 days, a cash difference of your profit or loss will result in your account without ever owning the stock or paying for them. This is known as stock contra.

Business & Finance
Affiliate Marketing

What are the disadvantages of sponsorship?

While being a sponsor can raise your company’s image in public and brand you as a good corporate steward, you should know about some of the potential downsides to sponsorship like.

- Funds

- Return Policy

- Representation of business

You should have to make your branding and awareness by influencer that is give your business to wings to fly

History of the United States
Business & Finance

What is the expansion of PBDIT?

profit before depreciation, Interest and taxes

Business & Finance
Postage and Shipping

How long does mail take to reach UK from Canada?

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Business & Finance

Is CEO and owner mean the same thing?

Not at all CEO is completely different from owner

Business & Finance

What is the longform of TDS?

Tax deducted at source. flying colour provides all business-related solutions for business set up in DUBAI. we provide all types of business solutions to the customers and we try to make their business hussle free. our business-related solutions help the customers to grow their business. for more information please visit us:
Business & Finance
Synonyms and Antonyms

What is another name for cleaning lady?


Business & Finance
Business Plans
Business Law
LG Corporation

Is lg a private limited company?


Business & Finance

What is the difference between fax and email?

The Fax was the means to send documents from one place to another electronically using telephone lines.

Email is a method where the user types text on his computer screen and instantly sends it across using the internet to any person anywhere in the world.

Business & Finance

What challenges is Mexico facing today?

Some of them would be:

Competitiveness: Even if Mexico has addressed competitiveness issues by improving its labor and fiscal laws, it still faces huge challenges when competing against the BRIC bloc (Brazil, Russia, India, China) for economic opportunities, markets and foreign investment from developed countries. As an example, in terms of competitiveness (2013), Mexico is ranked in the 53rd spot, out of 144 countries. For comparison purposes, it is better ranked than India and Rusia (59th and 67th positions, respectively) but worse qualified than China and Brazil (ranked 29th and 48th, respectively).

Security: The ever-scaling violence between drug cartels and police forces, as part of the "Mexican War on Drugs" (2006 - present-day). This conflict has put a severe strain in Mexico's resources, as demands for security have to be counterbalanced against other priority issues, like poverty or education. To date, there have been more than 120,000 dead since the conflict begun.

Education: Lack of education for most of the population, as only one in every 10 Mexicans completes college education. It is widely known in Mexico that the education minister does not work on improving the education of Mexican children, but to deal with the day-to-day issues of the Teachers Union, which is one of the most corrupt in the country. Nowadays, in terms of reading, mathematics and writing, Mexican students qualify as second-to-last against all OCDE countries (it is just barely ahead of Turkey)

Economy: World economic bust compounded with high dependence on the United States as receiver of Mexican exports. Although during recent years Mexico's economy has had a decent growth (3.9% in 2012), any downturn on the US economy would severely impact Mexico's potential growth. For 2014, Mexico is expected to grow only 1.5-2.0%

Inequality: Mexico is a country of huge contrasts, where you can find neighborhoods with quality of life rivaling those of Western Europe, located side-by-side to decaying slums that look like Haiti or India. While Mexico's standard of living is comparable to that of Lebanon or Iran (US$19,500 per capita), the richest neighborhoods, such as the Benito Juarez borough in Mexico City, have the same health, income and education of Germany (US$40,000 per capita, or US$160,000 per household). On the other hand, the poorest areas in southern Mexico have the same quality of life as Yemen or Afghanistan (US$2,000 or less).

Poverty: Although Mexico is a world leader in hunger reduction, there is still a 5% of children under 5 suffering with malnutrition; according to the United Nations Development Programme, 17.6% of Mexicans (19.7 million for 2009) are below the poverty line. Using the asset-based definition of poverty, this number is much higher with 47-52% of the population below the poverty line.

Peak Oil: Current Mexican oil reserves are dwindling, with 7 years left to be completely gone. Recent energy reforms (2013) have been implemented to allow foreign investment into the gas and oil sector, including drilling in deep waters along the Gulf of Mexico, but results of such reform - lower prices, higher competitiveness and production - will not be seen for at least another 5 years

Corruption: Rampant corruption among public officers. Also, due to the war on drugs, there are high levels of corruption among police and armed forces, specially when dealing against drug cartels. This process has been known as "plata o plomo" (silver or lead) meaning the drug cartels threaten security officials to either accept bribes or be killed by the cartels' operatives

Environment: climate change and environmental degradation are a global issue, but Mexico is being hard hit, including more than 300 threatened species and several more already extinct, mostly due to habitat loss. Deforestation, erosion and desertification are also a present danger. Finally, pollution of soil and water sources are considered "contained", but nonetheless are a persistent issue.

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