“20-20” English Question | Crack IBPS RRB PO/Assistant 2018 Day-195

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“20-20” English Questions | Crack IBPS RRB PO/Assistant 2018 (Day-194)

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Directions (1-10): Read the following passage carefully and answer the questions given below it.

Governments across the world have stepped up their fight against cash. Cash is being increasingly viewed as a curse that mankind needs to rid itself of. The goal is to move towards a cashless economy. However, the concept of cashless economy is not understood by many. For instance, in a country like India, about 14% of the total money in existence is present in the form of cash, the rest is digital money. In economically advanced countries this percentage is close to 5%. The goal of a cashless economy is to move towards 0% cash. A perfect 0% will never be achieved. However, the closer the number is to 0%, the better it is. In cashless economies, only smaller bills will exist for small menial transactions. Any transactions above a certain amount will have to be done digitally. In many developing countries, tax avoidance is a major problem that impedes development. This is because mafia and other large organizations gain hold of businesses. The money generated is laundered easily due to lower rates of law enforcement. Countries like India have borne the brunt of this problem. Only 10 million people lay taxes out of 120 billion! This is the case even though the country is developing. A culture of tax evasion is prevalent and cheating the government is considered to be a smart move. For the nation to truly benefit, more people must pay taxes. A cashless economy helps track economic transactions and hence increases the rate of tax compliance. Countries like India have several welfare schemes. On paper, they seem to be beneficial. However, in reality, they fail miserably. This is because money earmarked for the purpose never reaches the people. Instead, the corrupt intermediaries embezzle the money. This is possible with cash. However, this is not possible with digital money which can be directly sent to the bank account of the beneficiary. Even without embezzlement, the entire process is too expensive as it involves a massive bureaucracy to transport and disburse cash. Compare this with the digital mode, and you will see how billions of rupees can be saved by adopting the digital medium.

The plan to convert the country into a cashless economy is not as foolproof as it sounds. There are some glaring loopholes in the program. Firstly, the poor and the middle class do not have much cash. It is the rich that have stockpiles of cash. These are the sort of people who can buy political influence and derail the entire process of digitization. Secondly, a cashless economy is a war on savings. If people cannot save their money, they will not be able to wither uncertain events like illness, natural calamities, etc. It would turn the economy upside down and would only incentivize conspicuous consumption. The savings of the people are later invested into entrepreneurial ventures. These ventures are what keep the possibility of upward social mobility alive and form the basis of capitalism. If cashless society hinders the growth of entrepreneurship, it is not worth the pain no matter how many other benefits it offers. In November 2016, India demonetized 86% of its cash. This meant that all the banknotes had to be first returned into the system and be exchanged with newer bank notes. The agenda behind this massive exercise which killed hundreds of people was to push India on the path towards a cashless economy. The people were not willing to have such a sudden transition. However, this agenda was imposed by the government. Greece has levied a tax on withdrawal of money from the bank. This means that every time you withdraw money from the bank you lose value, however, every time you deposit more money you do not gain anything. They are designing systems to lock money in banks or financial institutions. Sweden has also been very active in phasing out cash from their system. In Sweden, it is now impossible to buy a bus ticket with cash. Bus tickets need to be bought via digital channels. Also, some of the largest banks in Switzerland neither accept cash nor give it away.

Let’s understand how cashless societies will benefit the vested interests. Keep in mind these are not benefits to the common man. Instead, these are the problems that ordinary people will face. The problems of the common man are benefits for these vested interests. In the present system, the government cannot levy too much tax. This is because people have the means to evade these taxes. Hence, taxes have to be rationalized. However, given the enormous amount of debt all the governments in the world are facing, it is a known fact that taxes will have to be raised one way or another if these economies have to stay afloat. If all the money in the world is digital, it has the same source i.e. banks. This makes it possible, easy and extremely convenient to tax the earnings at the source itself. It will start as a moderate tax which will be favored by the people. However, rising debt will make rising taxes a necessity. Since all money will be digital, there will be absolutely no way to evade taxes. Western economies have been holding interest rates close to zero for a very long time. This means that the next move would be to move into negative territory. This would also mean that people who hold cash in banks will lose a percentage of it. This will be the opposite of gaining money in the form of interest. Negative interest rates are almost a certainty. However, they can only be levied if all money is digital. If money is not digital, people can simply withdraw their money to avoid this tax. Consumers will be forced to squander their savings in the name of market stimulus. Banks will tax any money that is not being spent. Hence, there will be a systematic focus on conspicuous consumption rather than on savings. The modern day banking system is a Ponzi scheme. If everybody wanted to withdraw their money at once, the system would just collapse. However, since the withdrawal of money would simply be impossible after digitization of money, the fraud will become the system! Bank runs will become impossible. A Cashless economy has its own set of challenges too! They are listed below India suffers from illiteracy and poverty. As a result, the majority of the population in India is not aware of how to use the digital medium to transact. Even training them has limited utility. Since they are not really educated, they can easily fall prey to rumors. India also has a problem with the availability of high-speed internet connectivity. A lot of villages in India do not have uninterrupted electric supply till now. It would, therefore, be impossible to transact digitally since internet connections and wi-fi connectivity will not be present in the last mile. In the absence of this connectivity, users can never be sure about digital payments and will always have to carry cash as a second option. The forceful introduction of a digital transaction is seen by many as a loss of their personal freedom. It is an individual’s personal decision whether or not they want to hold their money in banks or in the form of cash. The government can incentivize one form of transactions over another. However, they cannot any form of transaction mandatory. That is a loss of financial freedom and will get opposition from the masses. The last problem with providing credit cards to farmers and poor in India is that they may not deserve the credit. This could lead to reckless spending followed by mounting NPA’s. In the end, the taxpayer will have to pick up the bill. Credit must only be provided to those who deserve it and there must be no government meddling in these affairs. To sum it up, a cashless economy is still a distant dream in a country like India. Although the merits far outnumber the problems, the lack of infrastructure makes it impossible.

 

1) According to the passage what are the loopholes in the plan of converting the nation into a cashless economy?

i) One of the loophole is war on saving i.e. if people cannot save their money, they will not be able to wither uncertain events

ii) Another loophole is that possession of even moderately large amounts of money can lead to the money being forfeited

iii) War on Entrepreneurship is also one of the loophole i.e. cashless society will hinder the growth of entrepreneurship

a) ii and iii

b) i and ii

c) i and iii

d) Only except i

e) None of these

 

2) According to the passage how cashless societies will benefit the vested interests?

i) Imposition of Tax: If all the money in the world is digital, it has the same source i.e. banks. This makes it possible, easy and extremely convenient to tax the earnings at the source itself.

ii) Negative Interest Rates: Negative interest rates are almost a certainty. If money is not digital, people can simply withdraw their money to avoid this tax.

iii) It will lead to Market Stimulus i.e. Consumers will be forced to misuse their savings in the name of market stimulus

a) ii and iii

b) i and ii

c) Only iii

d) Only i

e) All are correct

 

3) According to the passage which of the following is a major problem that impedes development in developing countries?

a) Tax avoidance

b) Consumption rather than on savings.

c) Mounting non-performing assets

d) Tax compliance

e) None of these

 

4) According to the passage what are the challenges and problems with the cashless economy?

i) Awareness and education is a challenge as the majority of the population in India is not aware of how to use the digital medium to transact.

ii) Extending Credit to the Unworthy as Credit must only be provided to those who deserve it and there must be no government interfering in these affairs.

iii) One of the problem with cashless economy is that banks runs eliminated

a) ii and iii

b) i and ii

c) i and iii

d) Only i

e) None of these

 

5) Which of the following is true in the context of the passage?

a) Greece is one of the country that has levied a tax on withdrawal of money from the bank.

b) In India about 14% of the total money in existence is present in the form of cash

c) At the present moment, only 15% to 20% of the world’s money exists in the form of currency notes.

d) Both a) and b)

e) Both b) and c)

 

6) Which of the following is not true in the context of the passage?

a) In Sweden bus tickets need to be bought via cash as well as digital channels

b) Some of the largest banks in Switzerland neither accept cash nor give it away.

c) High-speed internet connectivity is one of the major problem with cashless economy.

d) Both a) and c)

e) Both a) and b)

 

7) Choose the word which is most nearly the same in meaning as the word “glaring” printed in bold as used in the passage.

a) Ambiguous

b) Vague

c) Blatant

d) Secluded

e) Ulterior

 

8) Choose the word which is most nearly the same in meaning as the word “meddling” printed in bold as used in the passage.

a) Dodge

b) Intrude

c) Sustain

d) Facilitate

e) Maneuver

 

9) Choose the word which is most opposite in meaning of the word “embezzle” printed in bold as used in the passage.

a) Reimburse

b) Defalcate

c) Thieve

d) Peculate

e) Forge

 

10) Choose the word which is most opposite in meaning of the word “brunt” printed in bold as used in the passage.

a) Impetus

b) Strain

c) Tautness

d) Wrench

e) Armistice

 

Fillers –

Directions (11-15): Each sentence below has one or two blanks, each blank indicating that something has been omitted. Below the sentence are five sets of words. Choose the set of words for each blank that best fits the meaning of the sentence as a whole.

 

11) The Indian airline industry is facing ___________ this time around, legacy issues and over capacity seem to have ___________ the situation.

a) Tranquility, magnified

b) Bluster, appeased

c) Turbulence, aggravated

d) Tumult, gladdened

e) Rapport, inflamed

 

12) __________ by a nearly fourfold rise in GST compensation, the Finance Ministry is crafting a strategy to shore up tax revenues and engaging with States to identify issues ____________ their collections.

a) Aroused, facilitating

b) Alarmed, hindering

c) Frightened, expediting

d) Startled, proffering

e) Disquieted, adducing

 

13) Though the regulator has not ________ stated the reason, concerns over money-laundering and round tripping may have ___________ this directive.

a) Explicitly, prompted

b) Clumsily, persuaded

c) Precisely, deterred

d) Peculiarly, exhorted

e) Erroneously, elicited

 

14) The RBI and India’s government, at present are calm, this is a strong posture that must withstand the daily news, media pressure, ____________ and political _________ .

a) Soliciting, adulating

b) Swaying, ennobling

c) Lobbying, taunting

d) Procuring, stroking

e) Suppressing, tormenting

 

15) India’s currency-derivative markets, with many restrictions and limited liquidity, make _____ quite expensive, so these companies are now _____ .

a) Quibbling, escorted

b) Confronting, denuding

c) Waffling, convoyed

d) Hedging, exposed

e) Temporizing, fended

 

Directions (16-20): Choose one of the words from the given options which makes sentence incorrect such that it changes the whole meaning of the sentence 

16) Chinese are experts at employing a) the divide-and-conquer b) tactics that prevent c) US firms from more effectively asserting d) their interests.

a) A-availing

b) D-professing

c) B-succumb

d) C-preclude

e) None of these

 

17) The concerns raised a) by FPIs are valid and the decision, if not reviewed b), could lead c) to removal of persons of Indian origin from managing d) India-focused funds.

a) C-usher

b) B-obliterated

c) D-admonishing

d) A-upheaved

e) None of these

 

18) The government maintains a) that it is committed b) to the strategic c) disinvestment of the national carrier and will wait for global economic factors to improve d) and resume the process.

a) B-obligated

b) A-avows

c) D-meliorate

d) C-fortuitous

e) None of these

 

19) The committee believes a) that the present crisis is transitory b), however, the future will depend c) on the way it is managed d).

a) B-perpetual

b) C-confide

c) A-reckon

d) D-supervised

e) None of these

 

20) China is becoming steadily a) more autocratic under Xi; it is also seeking b) to expand c) its influence and ensure d) its security by promoting authoritarianism abroad.

a) B-endeavoring

b) A-erratically

c) C-amplify

d) D-corroborate

e) None of these

Answers :

Direction (1-10) :

1) Answer: c)

It is mentioned in para 2- Secondly, a cashless economy is a war on savings. If people cannot save their money, they will not be able to wither uncertain events like illness, natural calamities, etc. It would turn the economy upside down and would only incentivize conspicuous consumption. The savings of the people are later invested into entrepreneurial ventures. These ventures are what keep the possibility of upward social mobility alive and form the basis of capitalism. If cashless society hinders the growth of entrepreneurship, it is not worth the pain no matter how many other benefits it offers.

2) Answer: e)

It is clearly mentioned in para 3- In the present system, the government cannot levy too much tax. This is because people have the means to evade these taxes. However, given the enormous amount of debt all the governments in the world are facing, it is a known fact that taxes will have to be raised one way or another if these economies have to stay afloat. If all the money in the world is digital, it has the same source i.e. banks. This makes it possible, easy and extremely convenient to tax the earnings at the source itself. Since all money will be digital, there will be absolutely no way to evade taxes. Western economies have been holding interest rates close to zero for a very long time. This means that the next move would be to move into negative territory. Negative interest rates are almost a certainty. However, they can only be levied if all money is digital. If money is not digital, people can simply withdraw their money to avoid this tax. Consumers will be forced to squander their savings in the name of market stimulus. Hence, there will be a systematic focus on conspicuous consumption rather than on savings.

3) Answer: a)

It is mentioned in para 1- In many developing countries, tax avoidance is a major problem that impedes development. This is because mafia and other large organizations gain hold of businesses.

4) Answer: b)

It is clearly mentioned in para 3-Cashless economy has its own set of challenges too! India suffers from illiteracy and poverty. As a result, the majority of the population in India is not aware of how to use the digital medium to transact. The last problem with providing credit cards to farmers and poor in India is that they may not deserve the credit. This could lead to reckless spending followed by mounting NPA’s. In the end, the taxpayer will have to pick up the bill. Credit must only be provided to those who deserve it and there must be no government meddling in these affairs

5) Answer: d)

It is mentioned in para 1&2- For instance, in a country like India, about 14% of the total money in existence is present in the form of cash, the rest is digital money. Greece has levied a tax on withdrawal of money from the bank. This means that every time you withdraw money from the bank you lose value, however, every time you deposit more money you do not gain anything

6) Answer: e)

It is mentioned in para 2- Sweden has also been very active in phasing out cash from their system. In Sweden, it is now impossible to buy a bus ticket with cash. Bus tickets need to be bought via digital channels. Also, some of the largest banks in Switzerland neither accept cash nor give it away.

7) Answer: c)

The meaning of word glaring is visible or obvious

8) Answer: b)

The meaning of word meddling is to interfere in something that is not one’s concern.

9) Answer: a)

The meaning of word embezzle is to steal or misappropriate money placed in one’s trust or belonging to the organization

10) Answer: e)

The meaning of word brunt is the worst part or chief impact of a specified action

Direction (11-15) :

11) Answer: c)

The meaning of “turbulence” is “violent or unsteady movement of air or water” and it is suitable for i blanks and the meaning of “aggravated” is “make a problem worse or more serious” so it is appropriate for ii blank

12) Answer: b)

The meaning of “alarmed” is “make someone feel panic or, disturbed” and it is suitable for i blanks and the meaning of “hindering” is “to obstruct or be a hindrance to” so it is appropriate for ii blank

13) Answer: a)

The meaning of “explicitly” is “in a clear and detailed manner” and it is suitable for i blanks and the meaning of “prompted” is “to cause or bring about an action” so it is appropriate for ii blank

14) Answer: c)

The meaning of “lobbying” is “bring pressure to bear on” and it is suitable for i blanks and the meaning of “taunting” is “to provoke or challenge someone with insulting remarks” so it is appropriate for ii blank

15) Answer: d)

The meaning of “hedging” is “to limit or qualify something by conditions or exceptions” and it is suitable for i blanks and the meaning of “exposed” is “to reveal or bring into the open” so it is appropriate for ii blank

Direction (16-20) :

16) Answer: c)

B- succumb which means to surrender or break down

17) Answer: b)

B –obliterated which means to remove or block out

18) Answer: d)

C- fortuitous which means happening by chance rather than intention.

19) Answer: a)

B- perpetual which means constant or endless

20) Answer: b)

A- erratically which means in a manner that is not even or regular in pattern or movement

Daily Practice Test Schedule | Good Luck

Topic Daily Publishing Time
Daily News Papers & Editorials 8.00 AM
Current Affairs Quiz 9.00 AM
Quantitative Aptitude “20-20” 11.00 AM
Vocabulary (Based on The Hindu) 12.00 PM
General Awareness “20-20” 1.00 PM
English Language “20-20” 2.00 PM
Reasoning Puzzles & Seating 4.00 PM
Daily Current Affairs Updates 5.00 PM
Data Interpretation / Application Sums (Topic Wise) 6.00 PM
Reasoning Ability “20-20” 7.00 PM
English Language (New Pattern Questions) 8.00 PM

English New Pattern Questions

 

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