Q 01/05

Who owns a credit union?

A) A parent bank

B) Outside stockholders

C) The federal government

D) The depositors themselves

Answer · why

D) The depositors themselves

The depositors themselves own a credit union: every account holder is a member-owner, and it is the members, not outside shareholders or a parent comp...

Q 02/05

How are votes allocated when credit union members elect their board of directors?

A) One vote per dollar deposited

B) Only borrowers may vote

C) Votes weighted by years of membership

D) One vote per member

Answer · why

D) One vote per member

One vote per member is the rule: a member holding only the minimum balance has the same say in electing the board as the biggest depositor, unlike a b...

Q 03/05

What is the credit union term for a savings deposit?

A) A dividend fund

B) A trust account

C) A member ledger

D) A share account

Answer · why

D) A share account

A share account is the credit union name for a basic savings deposit, because each deposit represents the member's ownership share; checking accounts ...

Q 04/05

In several African countries, what is a credit union commonly called?

A) A tontine

B) A stokvel

C) A SACCO

D) A chama

Answer · why

C) A SACCO

A SACCO, short for savings and credit co-operative organisation, is the usual name for a credit union in Kenya, Uganda and Tanzania; a stokvel is a So...

Q 05/05

Which German pioneer merged two Saxony pilot projects in 1852 into the first urban credit unions?

A) Franz Hermann Schulze-Delitzsch

B) Friedrich Wilhelm Raiffeisen

C) Wilhelm Haas of Darmstadt

D) Ferdinand Lassalle of Breslau

Answer · why

A) Franz Hermann Schulze-Delitzsch

Franz Hermann Schulze-Delitzsch, a judge and liberal politician, founded the urban Volksbanken (credit associations for artisans and shopkeepers) in t...