“20-20” English Question | Crack RBI Grade B 2018 Day-166

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“20-20” English Questions | Crack RBI Grade B & RRB PO/Clerk 2018 (Day-166)

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

India is an economy where 90 per cent of all transactions are in cash. This is due to the large informal sector, which employs 90 per cent of the workforce. The overwhelming majority of them are not hoarders of black money. And yet, India cannot become a cashless society unless its mammoth informal sector transitions to digital payments. In other words, the informal sector is not an unintended casualty of demonetisation but the intended target. As the Reserve Bank of India Governor has clarified, the government was fully cognisant of the consequences of its move, and it was not at all an ill-planned operation. As it happens, cash is the most powerful instrument of financial inclusion. Anyone can access it directly, without depending on rent-seeking technological or financial intermediaries. It is because these freedoms matter that there is resistance to their loss a loss that is a given in a cashless society. There was thus a logical need for a phase one of demonetisation where the idea that it was about black money could be firmly planted in public memory. In phase two, which would kick in after black money and national pride have been inserted into the demonetisation discourse, cashless would be equated with clean and cash with dirt and the suspicion of black money.

One immediate outcome of a cashless India would be a sharp rise in indirect taxes compliance. Traders, small businesses, shopkeepers, and consumers routinely use cash as a means to avoid paying service tax, sales tax, VAT, and any number of indirect taxes and fees. This mindset needs to change if the imminent Goods and Services Tax regime is to actually work. Brutally enforcing a cashless payments system by sucking out 86 per cent of paper money and letting people flounder for a period in a condition of acute paper money scarcity. Apart from the state, another big beneficiary of a cashless India is finance capital. At present, India’s low-income households access credit through informal systems be it a pawn broker or employer or a relative with cash savings. Forcing them to shift to cashless payment platforms instantly formalises this world of informality. As the Prime Minister himself has reiterated many times, the mass opening of bank accounts under the Pradhan Mantri Jan-Dhan Yojana is a means towards financial inclusion, but in reverse, it channels personal income to financial markets via insurance and pension schemes such as the Pradhan Mantri SurakshaBima Yojana and Atal Pension Yojana. The third beneficiary is the digital sector, which enjoys a complex but symbiotic relationship with finance capital. Digital payment apps and e-wallet companies have enjoyed record downloads and deposits post-November 8. Finally, in a global scenario of debt-soaked slowdown, extreme income inequality, and stagnating real wages, capital accumulation is only possible through a mechanism that systematically administers an upward redistribution of income from the 99 per cent to the 1 per cent. While an indirect tax regime like the GST would accomplish this objective for the state, the integration of personal savings into the global debt economy would manage the same for finance capital. The primary requirement in both cases is to capture the circuits of capital and commodity circulation that lie beyond their respective domains of taxation and credit that is, the entire cash economy.

From businesses to analysts to ordinary citizens, everyone in India is waiting for life to return to normal. An easy definition for most people would be: no long queues at ATMs. But the queues are long not only because there are too many people and too little cash. A proper return to the pre demonetisation normal therefore entails something more: removal of any ceiling on cash withdrawals. Such a definition of normal would be valid if the reason for demonetisation was either destruction of black money or fake currency, or even a recapitalisation of banks all of which has either already happened or no longer matter. No matter how many currency notes are reportedly printed, how many ATMs are recalibrated, how many livelihoods affected in the informal sector, the ceiling on cash withdrawals may not be withdrawn any time soon and no date has been indicated so far. Not surprisingly, the banking sector is firmly behind the Prime Minister on demonetisation. So is the IT sector. The only constituency that may not be, is the one targeted by demonetisation: the cash dependent informal sector, which has taken a hit, and will continue to do so unless and until they switch en masse to digital payment platforms which is what the government is expecting them to do. While the political ramifications are a different story, one may view this a push for a cashless India as the culmination of the economic logic of liberalisation

 

1) According to the passage which of the following given option was an immediate consequence of cashless India?

i. Employers had no way to pay their employees

ii. There was unprecedented progress in e-payment services.

iii. There was sharp rise in indirect taxes compliance.

  1. i and ii
  2. ii and iii
  3. Only iii
  4. i and iii
  5. All are correct

 

2) Which of the following given sectors is not one of the big occupants of a cashless India?

  1. Banking sector
  2. Informal sector
  3. Digital sector
  4. Information technology sector
  5. Corporate sector

3) According to the passage why cash is considered as a most powerful instrument of financial inclusion?

i. Prices emerge from the use of money in markets to trade goods between people and firms

ii. Cash is already the norm for commercial uses by those at the bottom of the economic pyramid.

iii. Cash can be access directly by anyone.

  1. ii and iii
  2. i and ii
  3. i and iii
  4. Only iii
  5. None of these

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

i. Large number of bank accounts opening under the Pradhan Mantri Jan-Dhan Yojana is a means towards financial inclusion

ii. The informal sector employs 90 per cent of the workforce

iii. The augmentation of capital is only possible through a mechanism that oversees an upward reposition of income from the 99 per cent to the 10 per cent.

  1. Only iii
  2. i and iii
  3. i and ii
  4. ii and iii
  5. None of these

5) According to the passage why it has been said that digital sector is a beneficiary of cashless India which enjoyed symbiotic relationship with finance capital

i. Card transactions at point of sale terminals at merchant locations have surged as more people start using their debit cards for payments rather than for withdrawing cash at ATMs.

ii. Digital payment apps and e-wallet companies have enjoyed record downloads and deposits post-November 8

iii. Digital transactions rose to more than 1billion in January from 817 million last year while ATM transactions have remained constant at around 700 million, the incremental growth has been driven mostly by card swipes at PoS terminals

  1. ii and iii
  2. i and ii
  3. Only ii
  4. i and iii
  5. None of these

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

i. India’s low-income households access credit through informal systems

ii. Service tax, sales tax, VAT are types of indirect taxes

iii. A proper return to the pre demonetisation normal therefore entails removal of any ceiling on cash withdrawals.

  1. Only i
  2. i and ii
  3. ii and iii
  4. i and iii
  5. All are true

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

  1. Oblivious
  2. Apprehensive
  3. Cretinous
  4. Benighted
  5. Moronic

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

  1. Germinate
  2. Propagate
  3. Languish
  4. Augment
  5. Amalgamate

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

  1. Muddle
  2. Plunge
  3. Stumble
  4. Thrash
  5. Frivolous

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

  1. Launder
  2. Rectify
  3. Annotate
  4. Retrograde
  5. Debug

Direction (11-15): – In each of the following questions on phrase has been given and it has been followed by four sentences. You have to find out on which sentences phrase has been used properly according to its meaning and mark your answer from the options denoted a), b), c), d). Mark e) as your answer of you find that the phrase has been applied properly in all sentences.

11) Step aside

i. Jennie stepped aside for a younger person to take over.

ii. When I go into court, I will have to step aside and present evidence.

iii I stepped aside to let the jogger pass.

iv.  At the last minute another company stepped aside with a bid.

  1. ii and iii
  2. i and iv
  3. i and iii
  4. ii and iv
  5. All are correct

12) Grasp of

i. You don’t have a good grasp of the principles yet.

ii. Feeling herself falling, she grasped the rail of both hands.

iii. I think I managed to grasp the main points of the lecture.

iv. Some parts of the world are grasping of overpopulation.

  1. i and ii
  2. ii and iii
  3. iii and iv
  4. i and iii
  5. All are correct

13) Catch up with

  1. His lies will catch up with him one day.
  2. They had been selling stolen cars for years before the police caught up with them.
  3. His criminal record as a teen caught up with him in job interviews as an adult.
  4. We’ll catch up with you after the movie.
  1. iii and iv
  2. ii and iii
  3. i and ii
  4. All except i
  5. All are correct

14) Ask out

  1. She’s asked Steve out to the cinema this evening.
  2. We’ve been asked out to dinner twice this week
  3. We will ask out from the board of directors
  4. I’m sorry, but I’m not sure, ask those questions out of the boss.
  1. ii and iii
  2. i and iv
  3. i and ii
  4. iii and iv
  5. All are correct

15) Get on

  1. We’re getting on much better now that we don’t live together.
  2. Get someone on to the injured man in the hall right now
  3. Sarah got on at the wrong stop and had to wait for another bus.
  4. We eventually got on to the way our landlord was manipulating us.
  1. i and ii
  2. iii and iv
  3. ii and iv
  4. All except iii
  5. All are correct

Direction (16-20): In each of the following sentences there is one blank space. Below each sentence there are four words denoted by a), b), c) d) and e). Find ONE word that to be fitted in both the sentences I and II and another word that to fit in sentence III and to make it meaning fully complete.

16)

i. They are trying to ask us to do or promise something which, as a matter of fact, they know it would be
both impossible and ______ to promise.
ii. They were advised that it would be _______ to become over-reliant on foreign markets.
iii. He was awoken by a sharp ______ pain in her chest.

  1. Inexpedient, twinges
  2. Imprudent, stabbing
  3. Circumspect, pricking
  4. Heedless, ache
  5. Temerarious, incision

17)

  1. Despite a quiet, modest manner, and his politically moderate stance, he was a witty, often_________ speaker.
  2. He then launched a_________ attack on previous leaders.
  3. The explosive failed to _______ instead only giving off large quantities of smoke.
  1. Scathing, detonate
  2. Trenchant, blasted
  3. Amiable, fulminate
  4. Scorching, bursting
  5. Withering, triggered

18)

  1. A lot of oil has _______ out of the car onto the driveway.
  2. Rolling clouds of poisonous gases had ________ into their lungs and killed them where they stood
  3. Opponents are unlikely to be able to ______ enough votes to override the veto.
  1. Exude, assemblage
  2. Percolated, aggregation
  3. Seeped, muster
  4. Transude, gathering
  5. Oozed, summon

19)

  1. However, for some reason local authorities now want to ______ that responsibility.
  2. She spurns the doctrine that it is woman’s position to _______ and to immolate herself.
  3. Most of the old road has been _________ by the great interstate highways.
  1. Abstained, overthrew
  2. Refrain, repudiated
  3. Forswear, supplant
  4. Relinquished, discard
  5. Abnegate, superseded

20)

  1. I am too pitched to compose a ledgable argument, though not too ______ to drive.
  2. It is early, therefore I am currently ______ as I write this urban dictionary entry.
  3. The TV series continues its haphazard ______ around the globe – this week in Portugal.
  1. Launch, peregrinate
  2. Pitched, meander
  3. Flipped, twisted
  4. Heave, ramble
  5. Propelled, recoiling

Answers With Explanation:

1). Answer: c)

It is mentioned in para 2-One immediate outcome of a cashless India would be a sharp rise in indirect taxes compliance.

2) Answer: b)

It is mentioned in para 3-The only constituency is the cash dependent informal sector, which has taken a hit, and will continue to do so unless and until they switch en masse to digital payment platforms which is what the government is expecting them to do.

3) Answer: d)

It is mentioned in para 1-cash is the most powerful instrument of financial inclusion. Anyone can access it directly, without depending on rent-seeking technological or financial intermediaries.

4) Answer: a)

It is mentioned in para 1&2- This is due to the large informal sector, which employs 90 per cent of the workforce, As the Prime Minister himself has reiterated many times, the mass opening of bank accounts under the Pradhan Mantri Jan-Dhan Yojana is a means towards financial inclusion, capital accumulation is only possible through a mechanism that systematically administers an upward redistribution of income from the 99 per cent to the 1 per cent.

5) Answer: c)

It is mentioned in para 2- The third beneficiary is the digital sector, which enjoys a complex but symbiotic relationship with finance capital. Digital payment apps and e-wallet companies have enjoyed record downloads and deposits post-November 8.

6) Answer: e)

It is mentioned in para 2&3 – At present, India’s low-income households access credit through informal systems be it a pawn broker or employer or a relative with cash savings. Traders, small businesses, shopkeepers, and consumers routinely use cash as a means to avoid paying service tax, sales tax, VAT, and any number of indirect taxes and fees. A proper return to the pre demonetisation normal therefore entails something more: removal of any ceiling on cash withdrawals

7) Answer: b)

Cognisant means having knowledge or awareness.

8) Answer: c)

Stagnating means cease developing or to deteriorate

9) Answer: e)

Flounder means struggle mentally; show or feel great confusion or be in serious difficulty.

10) Answer: d)

Recalibrated means calibrate or improve something again or differently.

11). Answer: c)

The meaning of “step aside” is to resign from a post or move out of the way so as to give way to another and the phrase has been applied properly in i and iii sentences.

12) Answer: d)

The meaning of “grasp of” is a firm understanding of something or the act of holding onto someone or something and the phrase has been applied properly in i and iii sentences.

13Answer: e)

The meaning of “catch up with” is to find or arrest after a period of pursuit, to meet again at a later point in time or to cause unpleasant consequences or have dire implications and the phrase has been applied properly in all the sentences.

14) Answer: c)

The meaning of “ask out” is to invite someone for a visit to a place, social event or special occasion or something, such as dinner, the theatre and the phrase has been applied properly in i and ii sentence

15) Answer: d)

The meaning of “get on” is To acquire understanding or knowledge of something, to assign someone to attend to someone or something or o be or continue to be on harmonious terms with someone and the phrase has been applied properly in i, ii and iv sentence

16) Answer: b)

The meaning of “imprudent” is not showing care for the consequences of an action or incautious and it is suitable for i and ii blanks and the meaning of “stabbing” is a sudden pain so it is appropriate for iii blank.

17) Answer: a)

The meaning of “scathing” is severely critical or devastating and it is suitable for i and ii blanks and the meaning of “detonate” explode or cause to explode is so it is appropriate for iii blank.

18) Answer: c)

The meaning of “seeped” is to flow or leak slowly through porous material or small holes and it is suitable for i and ii blanks and the meaning of “muster” is to collect or assemble (a number or amount)so it is appropriate for iii blank.

19) Answer: e)

The meaning of “abnegate” is to renounce or reject something desired or valuable and it is suitable for i and ii blanks and the meaning of “superseded” is to replace or remove so it is appropriate for iii blank.

20) Answer: b)

The meaning of “pitched” is to throw roughly or casually and it is suitable for i and ii blanks and the meaning of “meander” is to follow a winding course or to bend so it is appropriate for iii blank.

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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