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[WpProQuiz 7275]Reading Comprehension
Direction (1-10): Read the passage carefully and answer the questions given below it. There are some blanks given in the passage based on which some questions are framed, and some words are highlighted as well to help you answer some of the questions.
Simply put, digital gold is a mode of investing in physical gold.
Who offers it? It is offered by vendors or producers such as MMTC-PAMP India Pvt Ltd and Digital Gold India Pvt. Ltd. MMTC-PAMP is a joint …………………….. (A)between Metals and Minerals Trading Corp. (MMTC), a government of India initiative, and Switzerland-based MKS PAMP. Digital Gold India offers SafeGold, a product backed by private equity (PE) funds; the World Gold Council, too, has a minority stake in the company.
(B)The product is appointed(1) through the digital companies(2) of banks, broking and fintech platforms(3) and others distributed(4) by the vendors. For instance, MMTC-PAMP has appointed Motilal Oswal Financial Services Ltd, Stock Holding Corp. of India Ltd, and Paytm, among others, as its distributors, while SafeGold is distributed through ICICI Bank, Paisabazaar and others.
Price and purity: The prices are decided by the issuers or vendors. (C)“Gold prices we offered on the digital gold platform are extremely competitive and uniform across the country. The rate is based on international price of gold, the USD-INR exchange rate and customs duty that is currently applicable. These rates fluctuate based on market conditions,” said Krishna Hegde, president-consumer, MMTC-PAMP.
(D) Investors can buy and ……………………..gold with as low an investment as ₹1. It can go higher, though, depending on the issuer or distributor. (E) For example, on MOFSL’s platform, (A)/the minimum ticket size is ₹1,000, (B)/for a minimum investment of ₹100(C)/while Paisabazaar offers SafeGold (D)/.
The purity of gold is assured by the issuer. (F) MMTC-PAMP offers 24-carat gold of 999.9 purity, ____________________________, while SafeGold is 24-carat gold of 995 purity.
Storage: (G) The physical gold you buy(1) is choose(2) in the custody of the issuer till such time that you held(3) to sell or have the gold delivered(4). In case of MMTC-PAMP, the gold is stored in vaults for five years without any additional charge. SafeGold is stored for two years.
Redemption: You can redeem the gold by either selling it back to the vendor at applicable prices, or take the delivery of physical gold. (H) To take the delivery, the accumulated gold has to at least 1gm in the case of MMTC-PAMP and 0.5gm in the case of SafeGold. There is a charge to be borne by the investor for minting and delivery.
(I) Investors are also given the option to redeem the ……………………..gold against jewellery purchased from approved jewellers.
Safeguards: There are measures put in place to safeguard the interests of investors in the form of trustees and insurance cover. Both MMTC-PAMP and Digital Gold India have appointed IDBI Trusteeship Services Ltd as their trustee. (J) Among other things, the trustee ensures(1) the quality of the gold and that the gold sold(2) to investors is segregated(3) and available(4) in the vaults. The gold held in the vaults is also insured against any loss.
1) Which of the following word given in the options should come at the place marked as (A) in the above passage to make it grammatically correct and meaningful? Also, the word should fill in the two sentences given below to make them contextually correct and meaningful?
(I) He nervously ……………………..out onto the ice
(II) The pups never ……………………..far from home.
A) esoteric
B) imbroglio
C) quandary
D) venture
E) None of these
2) The sentence given in (B) has four words given in bold. amongst the given bold words which of the following must replace each other to make the sentence contextually correct and meaningful?
A) Both 2-1 and 3-4
B) Both 1-4 and 2-3
C) Both 2-4 and 1-3
D) 1-3
E) 2-4
3) In the above passage, sentence (C) may or may not have an error in one part of the sentence, select the part having error in it as your answer.
A) Gold prices we offered
B) on the digital gold platform
C) are extremely competitive
D) and uniform across the country
E) all sentences are incorrect
4) Which of the following should fill the blank given in (D) to make it contextually correct and meaningful?
A) cede
B) secede
C) accumulate
D) pull out
E) None of these
5) In the question given below a sentence has been broken down into four fragments labeled (A) (B) (C) (D)and arranged and not necessarily in the same order. You have to find the correct order of the arrangement from the options given below. In case, the sentence is correct in its original form, please select (E) as your answer.
For example, on MOFSL’s platform, (A)/the minimum ticket size is Rs. 1,000, (B)/for a minimum investment of Rs. 100.(C)/while Paisabazaar offers Safe Gold (D)/
A) DCBA
B) CBAD
C) ABDC
D) BDAC
E) No arrangement required
6) Which of the following phrase should fill the blank (F) to make it contextually and grammatically correct and meaningful?
MMTC-PAMP offers 24-carat gold of 999.9 purity,____________________, while SafeGold is 24-carat gold of 995 purity.
A) The biggest advantage of buying digital gold for the investor is being able to buy and accumulate physical gold in fractional quantities and the multiple redemption options
B) which is the highest quality of gold
C) Then, there’s also the ease of online execution and the comfort of holding physical gold
D) There is a one-time cost for storage and safety
E) None of these
7) The sentence given in (G) has four words given in bold. among the given bold words, which of the following must replace each other to make the sentence grammatically correct and meaningful?
A) 1-3
B) 1-4
C) 2-3
D) 2-4
E) 3-4
8) In the above passage, sentence (H) may or may not have an error in one part of the sentence, select the part having error in it as your answer.
A) To take the delivery
B) the accumulated gold has to
C) at least 1gm in the case of MMTC-PAMP and
D) 5gm in the case of Safe Gold.
E) No error
9) Which of the following word given in the options should come at the place marked as (I)?
A) accumulated
B) dissident
C) apprehensive
D) surrogate
E) None of these
10) The sentence given in (J) has four words given in bold. amongst the given bold words which of the following must replace each other to make the sentence contextually correct and meaningful?
A) 1-3
B) 1-4
C) 2-3
D) 2-4
E) No replacement required
Answers:
Directions (1-10):
1) Answer: (d)
In the given sentence, only ‘venture’ makes it grammatically as well as contextually correct.
Option A): is incorrect because esoteric means intended for or likely to be understood by only a small number of people with a specialized knowledge or interest which does not fit here.
Option B): is incorrect as imbroglio means an extremely confused, complicated, or embarrassing situation which does not make any sense here.
Option C): is incorrect as ‘quandary’ does not fit here.
Option D): is the correct alternative among the following as ‘venture’ means a risky or daring journey or undertaking which fit here both grammatically and contextually
2) Answer: (b)
After making the replacements, the thus formed sentence is ‘The product is distributed through the digital platforms of banks, broking and fintech companies and others appointed by the vendors.’
3) Answer: A
Statement A is incorrect as ‘offered’ should be replaced by ‘offer’.
4) Answer: (c)
In the given sentence, only ‘accumulate’ make it grammatically as well as contextually correct.
Option A): is incorrect because cede means give up which does not fit here.
Option B): is incorrect as secede means withdraw formally from membership of a federal union, an alliance, or a political or religious organization.
Option C): is the correct alternative among the following as ‘accumulate’ fit here both grammatically and contextually.
Option D): is incorrect as pull out does not fit here contextually.
5) Answer: (c)
For example, on MOFSL’s platform, (A)/the minimum ticket size is Rs. 1,000, (B)/while Paisabazaar offers SafeGold (D)/for a minimum investment of Ra. 100.(C)/
6) Answer: (b)
MMTC-PAMP offers 24-carat gold of 999.9 purity, which is the highest quality of gold, while SafeGold is 24-carat gold of 995 purity.
7) Answer: (c)
After the replacement the thus formed sentence is “The physical gold you buy is held in the custody of the issuer till such time that you choose to sell or have the gold delivered.”
8) Answer: (b)
Statement B is incorrect as ‘has to’ should be replaced with ‘has to be’.
9) Answer: (a)
In the given sentence, only ‘accumulated’ make it grammatically as well as contextually correct.
Option A): is the correct alternative among the following as ‘accumulated’ fit here both grammatically and contextually.
Option B): is incorrect as dissident means a person who opposes official policy, especially that of an authoritarian state which does not make any sense here.
Option C): is incorrect as ‘apprehensive’ does not make any sense here.
Option D): is incorrect as ‘surrogate’ does not fit here contextually.
10) Answer: (e)
After the replacement the thus formed sentence is “Among other things, the trustee ensures the quality of the gold and that the gold sold to investors is segregated and available in the vaults. The gold held in the vaults is also insured against any loss.”
