Directions (Q.1-5): Read the passage carefully and answer the questions given below it. Certain words/ phrases have been given in bold to help you locate them while answering some of the questions.
1. What steps have been taken by the Obama administration to boost Americans’ retirement savings?
(1) A new rule has been proposed to get rid of hidden fees.
(2) A separate body has been formed to regulate Americans’ retirement savings.
(3) The retirement funds will be invested only in govt. secured funds.
(a) Only (1)
(b) Only (2)
(c) Only (3)
(d) Only (1) and (2)
(e) Only (2) and (3)
2. What do the financial advisers do to earn handsome commissions for themselves?
(a) They do hectic jobs day in and day out to convince their clients and sell them right products.
(b) They convince their clients to purchase risky products which fetch them lucrative commissions.
(c) They sell only those products which give maximum benefits to their clients.
(d) They charge little fee for their advice.
(e) All of these
3. Find the incorrect statement on the basis of the given passage.
(a) The Council of Economic Advisers survey concludes that conflicted advice lowers investment return every year.
(b) The new rule will force advisers to act in the interest of their clients.
(c) As per the CEA estimates, America earns about $ 17 billion through interest earnings on retirement funds.
(d) The new rule will replace a 40-year-old faulty law and close the loophole.
(e) None of these
4. What steps have been taken by different countries to check the conflict of interest of financial advisers?
(1) The United Kingdom and Australia have banned payments of advisers by product providers.
(2) The European Union is slated to follow suit from 2017.
(3) The Stock Exchange Boart of India has mandated direct payment of commission by investors to the distributors.
(a) Only (1) and (2)
(b) Only (2) and (3)
(c) Only (1) and (3)
(d) All (1), (2) and (3)
(e) Only (2)
5. What is the meaning of the phrase ‘conflict of interest’ as used in the given passage?
(a) Very high rate of interest charged by an organization
(b) The estimated rate of interest to be earned by an organization during a particular financial year
(c) A situation in which someone cannot make fair decision because they will be affected by the results
(d) The hidden fee charged by financial advisors
(e) None of these
Direction (Q. 6 -8) : Choose the word which is most SIMILAR in meaning of the word printed in bold as used in the passage.
6. Mitigate
a.raise
b.assuage
c.dumbed
d.elevate
e.worry
7.Lucrative
a.worthwhile
b.dull
c.excited
d.abate
e.exalt
8.Conflict
a. assuage
b.rival
c.strife
d.violence
e.concord
Direction (Q. 9-10) : Choose the word which is most nearly the OPPOSITE in meaning to the word printed in bold as used in the passage.
9. Excessive
a.prodigal
b.mammoth
c.exorbitant
d.moderate
e.whirlwind
10. Mandate
a.imperative
b.authority
c.breach
d.edict
e.charge
Answers
1.a
2.b
3.c
4.d
5.c
6.b
7.a
8.c
9.d
10.c
Answers
1.a
2.b
3.c
4.d
5.c
6.b
7.a
8.c
9.d
10.c
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