Tuesday, May 24, 2016

English Language Questions Quiz Set 13 for IBPS/SBI/SSC

English Language Questions Quiz Set 13 for IBPS/SBI/SSC

Directions (Q.1-2): In each question below a sentence with four words printed in bold type is given. These are numbered as 1), 2),3) and 4) . One of these four boldly printed words may be either wrongly spelt or inappropriate in the context of the sentence. Find out the word which is wrongly spelt or inappropriate, if any. The number of that word is your answer. If all the boldly printed words are correctly spelt and also appropriate in the context of the sentence, mark 5), i.e.’ all correct’, as your answer.

1. With effect from April, non-banking finance companies


with good performances may be granted licenses to

2 3

convert into banks./All correct

4 5

2. In 2009, the largest remittances sent to India were from

1 2

Oversees Indians living in North America./All correct

3) 4 5

Directions (Q.3-10): Below is given excerpts from an interview with the chief of an organization. Answer the questions based on the interview

National housing bank (NHB) came out with a reverse mortgage product four years back. The idea was to give periodic income to senior citizens. Why did that scheme never take off?

View? I won’t say the scheme never took off. Probably, it did not meet expectations, which were too high. It was essentially for liquefying the existing debt asset for the senior citizen. All over the world, it is a niche programme and not a mass programme, where everybody can get into it. In India, there are cultural issues. There are senior cizens who have told me that their children treat them badly, but still want their house to go to them. Therefore, the reverse mortgage product appeals only to some people. Those who don’t have children or who are single, or whose children have totally dissociated from them and settled abroad, or who need it for a short period. Yes, it (performance of old product) is a bit disappointing. But overall it is not too bad. In our old product, we gave loans worth about rs.1800 cr. There are many people who don’t have a house, we can’t cater to them. So the market itself is somewhat restricted.

Is awareness also a problem?

Yes, to some extent but awareness among senior citizens has improved significantly. So there could be some issues of deliver; banks may not be very aggressively delivering this. So they (senior citizens) may not be aware of the nuances of the product. Also, there is no special incentive for senior citizens; banks charge normal interest rate. Then, the market is limited

Earlier, the problem was that the maximum tenor available was 20years.Under the new annuity scheme, the term can be up to a person’s lifetime.

How is the new reverse mortgage product going to shape up after annuity has been integrate with it? How has the response been so far?

People are still trying to understand; the annuity schemes are a little complicated. We are getting a lot of enquiries arid sanctions have also taken place but not much.

There is some confusion about how income from the new reverse mortgage product will be taxed. So, will other banks launch the product?

There is no confusion. About 23-25 banks were already offering the old product. Today, both schemes are available; it is the choice of the customer. In the old product, income is exempt in the hands of senior citizens; in the annuity product, it is not exempt since the amount is higher and for lifetime.

But under the income-tax act, any annuity is taxed. What we plan to do is to approach the government before next year’s budget to make annuity under this new reverse mortgage scheme tax-free since the old product is also tax-free. There is no difference between the two products, except that we have structured it as annuity to take care of the longevity risk which the insurance company can take. But the fundamental nature of the loan against property. It is getting taxed because of the word annuity.

3. Which of the following is essential for availing the scheme?

1) Owning a house

2) Being a senior citizen

3) Owning a house in particular states

4) being a senior citizen and owning a house

5) Senior citizens not having regular income


4. The product being discussed is

1) Loan for buying a house

2) Loan for buying an old house by senior citizens

3) Loan for buying a house in the name of senior citizens

4) Loan against a house to the children of senior citizens

5) None of these


5. Which of the following can be inferred?

1) According to the chief, the scheme never took off

2) The product has not been launched by many countries

3) The product has been revised

4) The product has the potential to have a mass appeal

5) The product has not succeeded in any of the countries where it was lunched


6. Which of the following is a major action point?

1) Trying to get tax exemption for the product

2) Dropping the word mortgage from the scheme

3) Increasing the tenure of the loan

4) Merging two existing schemes

5) Dropping the word ‘reverse’ from the scheme


7. Which of the following may not have any role in proposing / revising /launching

/delivering or being a stake-holder role in the scheme?

1) Banks

2) Income tax department

3) Stock exchange

4) Insurance companies

5) Government


8. To which of the following would this scheme appeal the least

1) Those who don’t have children

2) Those who don’t want to give their property to their children

3) Those who are treated badly by their children

4) Those who are staying with their children

5) Those whose children have associate from them


9. to fundamental nature of loan is, loan against ………….

1) gold2) property3) annuity4) pension

5) Guarantee


10. When was the annuity-linked such product launched?

1) four years back2) three years back3) 20years back

4) Just on the day this interview is recorded

5) None of these

Directions (Q.11-15): Pick of the most effective word from the given words to fill in the blanks to make the sentence meaningfully complete in the context of the sentence

11. An important ………. Of Indian business has been its short-term focus.

1) Draw 2) neglect 3) venture 4) figure 5) failing


12. The internet may not …………… everything we do , but it has already revolutionized business and will continue to do so.

1) Mark 2) prove 3) change 4) help 5) stop


13. These two examples….. Those Indian companies are capable of acquiring a global mind set.

1) Need 2) write 3) generate 4) illustrate

5) Follow


14. There is an old idea in economics that if a rich and a poor country is ………. By trade, their standard of living should coverage in the long run.

1) Mixed 2) linked 3) away 4) similar 5) meeting


15. All countries have consumer price indices, some more reliable than others, some quite out of date, but all concerned with ……. Overall price changes

1) Controlling 2) measuring 3) publishing 4) reducing

5) Teaching

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