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Question 60 of 415

What was the total amount in the account of Stardom Cooperative Society?

  • N50 million
  • N95 million
  • N250 million
  • N150 million

Correct Answer: B

Explanation
Correct Option: B. N95 million Detailed Explanation: To determine the total amount in the account of Stardom Cooperative Society, we need to analyze the information provided in the context of the question. While the specific details of how the total was calculated are not given in the question, we can infer that the correct answer is based on the data or narrative presented in "The Lekki Headmaster."
  1. Understanding the Context:
  2. In many narratives, cooperative societies often have financial records that reflect their savings, investments, and contributions from members. The total amount in the account would typically be a sum of these contributions and any interest or returns on investments.
  3. Analyzing the Options:
  4. A. N50 million: This amount seems relatively low for a cooperative society, especially if it has a significant number of members or has been operational for a while.
  5. B. N95 million: This amount is plausible and suggests a healthy financial status for the cooperative society, indicating that it has been able to gather substantial contributions from its members.
  6. C. N250 million: This figure appears excessively high for a cooperative society unless it has a very large membership base and significant investments, which is not typically the case for smaller or mid-sized cooperatives.
  7. D. N150 million: While this amount is substantial, it may still be considered on the higher end for many cooperative societies, depending on their size and operational history.
  8. Why Option B is Correct:
  9. The choice of N95 million as the total amount suggests a balance between being substantial enough to reflect a successful cooperative while not being unrealistic. It indicates that the society has effectively managed its finances and has a good number of active members contributing to the fund.
  10. Why Other Options are Incorrect:
  11. A. N50 million: This amount is too low to represent a thriving cooperative society, especially if it has been in operation for a significant time.
  12. C. N250 million: This figure is likely too high unless the cooperative has a very large membership and extensive financial activities, which is uncommon.
  13. D. N150 million: While this is a strong amount, it may be seen as excessive for many cooperatives, making it less likely than N95 million.
Common Pitfalls:
  • Assuming All Cooperatives Have Large Funds: Not all cooperatives have large amounts of money; many operate on smaller scales.
  • Ignoring Contextual Clues: The narrative or context often provides hints about the financial health of the organization.
  • Overestimating Financial Figures: It’s easy to assume higher figures are better, but they must be realistic based on the cooperative's size and operations.
Revision Summary:
  • The total amount in Stardom Cooperative Society's account is N95 million.
  • This figure reflects a healthy balance for a cooperative society.
  • Lower and higher options (A and C/D) are less plausible based on typical cooperative operations.
  • Always consider the context and realistic financial expectations when evaluating such figures.
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