English Language Quiz For SBI / RBI Main Exam | 26-04-2020

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Mahendras has started special quizzes for SBI / RBI Main Exam so that you can practice more and more to crack the examination. This SBI / RBI Main Exam quiz series will mold your preparations in the right direction and the regular practice of these quizzes will be really very helpful in scoring good marks in the Examination. Here we are providing you important question of English Language for SBI / RBI Main Exam.

Read the following passage carefully and answer the questions given below it. Certain words have been given in bold to help you locate them while answering some questions. 

It must have come more as a relief than a sense of triumph for the Centre that its Income Declaration Scheme (IDS) resulted in 64,275 declarants owning up to an undeclared income of 65,250 crores. For a government that rode to power on an anti-corruption plank, including the promise of a strident stance on unaccounted money, the outcome of last year’s declaration scheme for foreign income was an embarrassment. All that the 90-day window in 2015 could cough up was 638 declarations amounting to 4,147 crore, or a tax revenue of 2,488 crores. In comparison, the IDS declarations will translate into a tax revenue of about 30,000 crores at a rate of 45 per cent, including the penalty. After disbursal of the States’ share, the Centre will be left perhaps with 18,000 crores. The present mop-up is better than the 1997 Voluntary Disclosure of Income Scheme which resulted in 4.75 lakh declarants disclosing an income of 33,339 crores translating into a taxable income of 9,584 crores. The per capita declaration in the case of the IDS works out to a little over 1 crore, against just 7,00,000 in the case of the VDIS. This means richer taxpayers have entered the tax net, an indication that they are unwilling to take the tax machinery for granted when high- value transactions are PAN-based. Yet, it would seem that some of the estimated 2.36 lakh high net-worth individuals in India are not paying their taxes. Only about 5,000 individuals paid tax amounting to 1-5 crores in 20123, the last year for which the Centre recently released detailed data. The number of taxpayers, at 1.25 crores in 20123, accounted for just 1 per cent of the population. 

The fight against black money is impaired by the fact that its share in the economy remains a matter of conjecture. This is despite numerous reports having been prepared on the subject, including the latest joint effort by three economic think tanks, that was presented to the Government more than two years ago. Although the report is yet to be made public, it is believed to have assessed the size of the black economy at 75 per cent of GDP or about ?90 lakh crores. Estimates range from 10 per cent of GDP to 40 per cent. The IDS has made but a small dent on this. 

Ferreting out black money is not an insuperable task. The revisiting of bilateral investment treaties, as part of a global crackdown on tax havens, will help. However, certain sectors are major culprits: elections, mining, real estate and bullion. While GST will clean up concealment in taxes and improve efficiencies, politics and realty cry for attention. With the carrot out of the way, it is time now for the Centre to wield the stick. That alone will dispel the impression that income declaration schemes are nothing more than periodic amnesty measures to bail out those who hoard unaccounted wealth. 

Q1 Income Declaration Scheme (IDS) resulted in 64,275 declarants owning up to an undeclared income of 

01. 55,250 crores 

02. 65,250 crores 

03. 75,250 crores 

04. 65,750 crores 

05. 65,550 crores 

Q2 Income declaration schemes are nothing more than periodic amnesty measures to bail out those who hoard 

01. accounted health 

02. accorded wealth 

03. unacquainted wealth 

04. unaccounted wealth 

05. unbelievable health 

Q3 Choose the appropriate title for the above passage? 

01. Time for the Centre to wield the stick 

02. Time for the stick 

03. Unaccounted wealth 

04. The fight against black money 

05. Voluntary Disclosure of Income Scheme 

Q4 It is believed to have assessed the size of the black economy at - 

01. 65 per cent of GDP 

02. about 80 lakh crore 

03. 95 per cent of GDP 

04. about 86 lakh crore 

05. 75 per cent of GDP 

Q5 Which of the following statement is TRUE according to the passage? 

01. Ferreting out black money is an insuperable task 

02. The Centre will be left perhaps with 19,000 crore 

03. Numerous reports have been prepared on the black money in the state 

04. Certain sectors are major culprits: elections, mining, real estate and bullion 

05. Both 3 and 4 

Q6 Which of the following statement is NOT TRUE according to the passage? 

01. The fight against black money is impaired by the fact that its share in the economy remains a matter of conjecture. 

02. GST will clean up concealment in taxes and improve efficiencies. 

03. Income declaration schemes are nothing more than periodic amnesty measures. 

04. 5,000 individuals paid tax amounting to 1.25 crore in 20134. 

05. The outcome of last year’s declaration scheme for foreign income was an embarrassment. 

Q7 Choose the word which is most nearly the OPPOSITE in meaning as the word given in bold as used in the passage. 

Strident 

01. Blatant 

02. Jarring 

03. Quiet 

04. Raucous 

05. Vociferous 

Q8 Choose the word most SIMILAR in meaning to the word given in bold, as used in the passage. 

Amnesty 

01. Forgiveness 

02. Encroach 

03. Infringe 

04. Intrude 

05. Impinge 

Q9 Choose the word which is most nearly the OPPOSITE in meaning as the word given in bold as used in the passage. 

Triumph 

01. Elation 

02. Joy 

03. Exultation 

04. Forfeit 

05. Jubilance 

Q10 Choose the word most SIMILAR in meaning to the word given in bold, as used in the passage. 

Insuperable 

01. pulsating 

02. insurmountable 

03. throb 

04. undulate 

05. surge 

Answers 

Q.1 (2) 

Q.2 (4) 

Q.3 (1) 

Q.4 (5) 

Q.5 (5) 

Q.6 (4) 

Q.7 (3) 

Q.8 (1) 

Q.9 (4) 

Q.10 (2)