Correct Option: B. They have taken loans from the school’s cooperative society.
Detailed Explanation:
- Understanding Cooperative Societies:
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A cooperative society is an organization owned and operated by a group of individuals for their mutual benefit. In many educational institutions, such societies are formed to provide financial assistance to staff members. This can include loans for purchasing vehicles, housing, or other personal needs.
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Why Option B is Correct:
- Access to Loans: Teachers and staff at Stardom can afford cars because they have access to loans from the school’s cooperative society. These loans are often offered at lower interest rates compared to traditional banks, making it easier for staff to finance their purchases.
- Affordability: By taking a loan, teachers can spread the cost of the car over several months or years, making it more manageable within their monthly budget. This financial support is crucial, especially if their salaries alone may not be sufficient to cover the upfront cost of a vehicle.
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Mutual Support: Cooperative societies are designed to support their members financially, which aligns with the needs of the teachers and staff who may want to improve their quality of life by owning a car.
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Why the Other Options are Incorrect:
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Option A: They are receiving bribes:
- This option implies unethical behavior and corruption. While it may be a common stereotype in some contexts, there is no evidence or indication that the teachers at Stardom are engaging in such practices to afford cars. This option lacks credibility and does not reflect a legitimate means of financial support.
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Option C: They are paid high salaries:
- While high salaries could enable staff to afford cars, the question specifically asks how they are able to afford them. It is possible that their salaries are not exceptionally high, and thus, relying solely on salary may not be a feasible explanation. Many teachers in various regions do not earn high salaries, making loans a more realistic option for car ownership.
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Option D: They are running side businesses:
- Although running side businesses can provide additional income, this option does not directly address the question of how they afford cars. Not all teachers may have the time or resources to manage a side business, and it is not a guaranteed source of income. This option is less reliable compared to the structured support provided by a cooperative society.
Common Pitfalls:
- Assuming All Teachers Have High Salaries: It’s a common misconception that all educators earn high salaries. In reality, many teachers may struggle financially, making loans a more viable option.
- Overlooking the Role of Cooperative Societies: Many people may not be aware of how cooperative societies function and the benefits they provide to their members, leading to misunderstandings about how staff can afford significant purchases.
Revision Summary:
- Teachers and staff at Stardom can afford cars primarily through loans from the school’s cooperative society.
- Cooperative societies offer financial support at lower interest rates, making loans accessible and manageable.
- Other options like bribes, high salaries, or side businesses are less credible or relevant to the question.
- Understanding the role of cooperative societies is crucial in recognizing how financial assistance works in educational institutions.