English: Cloze Test Set 20 (New Pattern)

Following cloze tests are based on English new pattern Questions for IBPS, SBI, LIC, IPPB, RBI, Indian Bank PGDF, IDBI, Syndicate Bank PO and other banking and insurance related exams.

In the passage given below there are 10 blanks, each followed by a word given in bold. Even blank has four alternative words given in options (A), (B), (C) and (D). You have to tell which word will best suit the respective blank. Mark (E) as your answer if the work given in bold after the blank is your answer i.e. “No change required”.

A CRIMINAL indictment, (1)_______[distributed] in New York against Liberty Reserve (LR) and seven current and former employees, has shaken the world of digital currencies. The defendants are charged with running a money-laundering operation that allegedly acted as “a financial hub of the cybercrime world”, serving credit-card fraudsters, identity thieves, hackers and drug traffickers. Authorities estimate that LR (2)______ [mentioned] 55m transactions and laundered $6 billion between 2006 and May 2013. That makes it the largest case in the history of cross-border money-laundering.

With LR’s website shut down—and regulators warning that virtual currencies should follow anti-money-laundering rules more (3)______ [hardly]—cyber-enthusiasts have been left wondering which digital-money business will be next in the prosecutors’ sights. (4)______[priority] has inevitably turned to Bitcoin, the darling of virtual currencies, which is widely used on Silk Road, an online marketplace for illegal drugs.

But the two are not the (5)_____ [common]. LR was essentially no more than a digital Western Union or PayPal, albeit one designed to break the rules. Users had to provide a name, address and date of birth, but the firm did not verify the information. It charged a 1% fee per transfer, plus a 75-cent “privacy fee” to ensure untraceability (even within LR’s system). To (6)______[play]  regulations and avoid creating a paper trail, LR made users deposit and withdraw funds through third-party “exchangers”.

Bitcoin is more of a proper currency, because it can be transferred without recourse to a central clearing house—rather like bundles of dollar bills. But businesses which (7)_____[copy] Bitcoins for central bank-issued money, such as Mt.Gox, an exchange based in Japan, resemble Liberty Reserve. They could find themselves chased down by prosecutors if too much dirty money starts flowing through Bitcoin. On May 14th federal agents seized some funds from an account held by Mt.Gox at Dwolla, another online transfer service, on the basis that laws governing money transfers were not being (8)______[shown].

If prosecutors look for more cases, the most likely (9)______[ targets] are online payment services that allow cash to be moved without verifying users’ identities. The number that merely pretend to apply “know your customer” and other anti-laundering rules is thought to be in the dozens. The LR case will make regulators (10)______[respectful] of digital-money innovations such as Bitcoin.

  1. A) charged
    B) seen
    C) filed
    D) followed
    E) No Change Required
    View Answer
    Option C
    Explanation:
    Criminal indictment means criminal offence/accusation. Hence filed is correct word.
  2. A) contained
    B) processed
    C) hanged
    D) copied
    E) No Change Required
    View Answer
    Option B
  3. A) busily
    B) formerly
    C) contently
    D) assiduously
    E) No Change Required
    View Answer
    Option D
    Explanation:
    assiduously – with great care
  4. A) preference
    B) Attention
    C) Precedence
    D) Intensity
    E) No Change Required
    View Answer
    Option B
    Explanation:
    As the last sentence says that ” wondering which digital-money business will be next in the prosecutors’ sights. ” hence, attention will fit the blank
  5. A) same
    B) base
    C) criteria
    D) demand
    E) No Change Required
    View Answer
    Option A
    Explanation:
    The sentence starts with BUT. So we can predict that they are not same. Also by reading the next statements the difference can be seen.
  6. A) expedient
    B) metier
    C) pursuit
    D) dodge
    E) No Change Required
    View Answer
    Option D
    Explanation:
    Dodge – avoid something
  7. A) occupy
    B) trade
    C) charge
    D) deceit
    E) No Change Required
    View Answer
    Option B
  8. A) displaced
    B) followed
    C) avoided
    D) continued
    E) No Change Required
    View Answer
    Option B
  9. A) funds
    B) purpose
    C) intention
    D) destination
    E) No Change Required
    View Answer
    Option E
    Explanation:
    As prosecutors are looking for more cases. Hence for whom they are looking will be their target.
  10. A) trustworthy
    B) certain
    C) warier
    D) shrewd
    E) No Change Required
    View Answer
    Option C
    Explanation:
    warier – feeling or showing caution about possible dangers or problems.

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