English Test - 70

Direction: Read the passage and answer the following questions.

There have been 11 earls of Sandwich. The first, bestowed the title in 1660, was a celebrated British naval commander. Others have been politicians, statesmen, authors, and supporters of the arts. They were important people.

But even now, all anyone seems to know about this proud lineage is that one of them as it turns out, the fourth one, born in 1718 apparently had a liking for meat and bread, or maybe cheese and bread, and he ate it while playing poker because he was a degenerate gambler unable to stop for a meal, or he ate it because he was so busy being a war hero that he had no time for a knife and fork, or he instructed his soldiers to eat it because it traveled well, or you know what? It doesn't matter. Nobody is quite sure what happened, but we can all agree that, although meat and bread were entered into the historical record as far back as Babylon, humankind's greatest lazy meal became known as the Earl of Sandwich's domain, and so it's been sandwiches all the way down.

Everyone has to be known for something. But the earls busied themselves with more stately things, until the current earl, whose actual name is John Edward Hollister Montagu, needed money to maintain the old family estate, because carrying a fancy title today doesn't pay nearly as much as it did 300 years ago, and a previous earl gave away much of the family wealth. And so hold your noses, ye ghosts of olde: It was time to cash in on the family name, to finally cede history to the hoi polloi.

It was time to open up a sandwich shop, and call it Earl of Sandwich.

Direction: Read the passage and answer the following questions.

There have been 11 earls of Sandwich. The first, bestowed the title in 1660, was a celebrated British naval commander. Others have been politicians, statesmen, authors, and supporters of the arts. They were important people.

But even now, all anyone seems to know about this proud lineage is that one of them as it turns out, the fourth one, born in 1718 apparently had a liking for meat and bread, or maybe cheese and bread, and he ate it while playing poker because he was a degenerate gambler unable to stop for a meal, or he ate it because he was so busy being a war hero that he had no time for a knife and fork, or he instructed his soldiers to eat it because it traveled well, or you know what? It doesn't matter. Nobody is quite sure what happened, but we can all agree that, although meat and bread were entered into the historical record as far back as Babylon, humankind's greatest lazy meal became known as the Earl of Sandwich's domain, and so it's been sandwiches all the way down.

Everyone has to be known for something. But the earls busied themselves with more stately things, until the current earl, whose actual name is John Edward Hollister Montagu, needed money to maintain the old family estate, because carrying a fancy title today doesn't pay nearly as much as it did 300 years ago, and a previous earl gave away much of the family wealth. And so hold your noses, ye ghosts of olde: It was time to cash in on the family name, to finally cede history to the hoi polloi.

It was time to open up a sandwich shop, and call it Earl of Sandwich.

Direction: Read the passage and answer the following questions.

There have been 11 earls of Sandwich. The first, bestowed the title in 1660, was a celebrated British naval commander. Others have been politicians, statesmen, authors, and supporters of the arts. They were important people.

But even now, all anyone seems to know about this proud lineage is that one of them as it turns out, the fourth one, born in 1718 apparently had a liking for meat and bread, or maybe cheese and bread, and he ate it while playing poker because he was a degenerate gambler unable to stop for a meal, or he ate it because he was so busy being a war hero that he had no time for a knife and fork, or he instructed his soldiers to eat it because it traveled well, or you know what? It doesn't matter. Nobody is quite sure what happened, but we can all agree that, although meat and bread were entered into the historical record as far back as Babylon, humankind's greatest lazy meal became known as the Earl of Sandwich's domain, and so it's been sandwiches all the way down.

Everyone has to be known for something. But the earls busied themselves with more stately things, until the current earl, whose actual name is John Edward Hollister Montagu, needed money to maintain the old family estate, because carrying a fancy title today doesn't pay nearly as much as it did 300 years ago, and a previous earl gave away much of the family wealth. And so hold your noses, ye ghosts of olde: It was time to cash in on the family name, to finally cede history to the hoi polloi.

It was time to open up a sandwich shop, and call it Earl of Sandwich.

Direction: Read the passage and answer the following questions.

There have been 11 earls of Sandwich. The first, bestowed the title in 1660, was a celebrated British naval commander. Others have been politicians, statesmen, authors, and supporters of the arts. They were important people.

But even now, all anyone seems to know about this proud lineage is that one of them as it turns out, the fourth one, born in 1718 apparently had a liking for meat and bread, or maybe cheese and bread, and he ate it while playing poker because he was a degenerate gambler unable to stop for a meal, or he ate it because he was so busy being a war hero that he had no time for a knife and fork, or he instructed his soldiers to eat it because it traveled well, or you know what? It doesn't matter. Nobody is quite sure what happened, but we can all agree that, although meat and bread were entered into the historical record as far back as Babylon, humankind's greatest lazy meal became known as the Earl of Sandwich's domain, and so it's been sandwiches all the way down.

Everyone has to be known for something. But the earls busied themselves with more stately things, until the current earl, whose actual name is John Edward Hollister Montagu, needed money to maintain the old family estate, because carrying a fancy title today doesn't pay nearly as much as it did 300 years ago, and a previous earl gave away much of the family wealth. And so hold your noses, ye ghosts of olde: It was time to cash in on the family name, to finally cede history to the hoi polloi.

It was time to open up a sandwich shop, and call it Earl of Sandwich.

Direction: Read the passage and answer the following questions.

There have been 11 earls of Sandwich. The first, bestowed the title in 1660, was a celebrated British naval commander. Others have been politicians, statesmen, authors, and supporters of the arts. They were important people.

But even now, all anyone seems to know about this proud lineage is that one of them as it turns out, the fourth one, born in 1718 apparently had a liking for meat and bread, or maybe cheese and bread, and he ate it while playing poker because he was a degenerate gambler unable to stop for a meal, or he ate it because he was so busy being a war hero that he had no time for a knife and fork, or he instructed his soldiers to eat it because it traveled well, or you know what? It doesn't matter. Nobody is quite sure what happened, but we can all agree that, although meat and bread were entered into the historical record as far back as Babylon, humankind's greatest lazy meal became known as the Earl of Sandwich's domain, and so it's been sandwiches all the way down.

Everyone has to be known for something. But the earls busied themselves with more stately things, until the current earl, whose actual name is John Edward Hollister Montagu, needed money to maintain the old family estate, because carrying a fancy title today doesn't pay nearly as much as it did 300 years ago, and a previous earl gave away much of the family wealth. And so hold your noses, ye ghosts of olde: It was time to cash in on the family name, to finally cede history to the hoi polloi.

It was time to open up a sandwich shop, and call it Earl of Sandwich.

Direction: Read the passage and answer the following questions.

There have been 11 earls of Sandwich. The first, bestowed the title in 1660, was a celebrated British naval commander. Others have been politicians, statesmen, authors, and supporters of the arts. They were important people.

But even now, all anyone seems to know about this proud lineage is that one of them as it turns out, the fourth one, born in 1718 apparently had a liking for meat and bread, or maybe cheese and bread, and he ate it while playing poker because he was a degenerate gambler unable to stop for a meal, or he ate it because he was so busy being a war hero that he had no time for a knife and fork, or he instructed his soldiers to eat it because it traveled well, or you know what? It doesn't matter. Nobody is quite sure what happened, but we can all agree that, although meat and bread were entered into the historical record as far back as Babylon, humankind's greatest lazy meal became known as the Earl of Sandwich's domain, and so it's been sandwiches all the way down.

Everyone has to be known for something. But the earls busied themselves with more stately things, until the current earl, whose actual name is John Edward Hollister Montagu, needed money to maintain the old family estate, because carrying a fancy title today doesn't pay nearly as much as it did 300 years ago, and a previous earl gave away much of the family wealth. And so hold your noses, ye ghosts of olde: It was time to cash in on the family name, to finally cede history to the hoi polloi.

It was time to open up a sandwich shop, and call it Earl of Sandwich.

Direction: Read the passage and answer the following questions.

With an aim to check flow of black money and evasion of taxes through stock market, market regulator SEBI has decided to impose a hefty penalty on brokers facilitating such transactions from tomorrow. The regulator recently came across a loophole in its existing regulations, which was being abused by stock brokers for facilitating tax evasion and flow of black money through fictitious trades in lieu of hefty commissions. To remove this anomaly, SEBI has asked stock exchanges to penalise the brokers transferring trades from one trading account to another after terming them as "punching" errors. The penalty could be as high as 2% of the value of shares traded in the ‘wrong’ account, as per new rules coming into effect from August 1.

In a widely-prevalent, but secretly operated practice, the people looking to evade taxes approach certain brokers to show losses in their stock trading accounts, so that their earnings from other sources are not taxed. These brokers are also approached by people looking to show their black money as earnings made through stock market. In exchange for a commission, generally 5-10% of the total amount, these brokers show desired profits or losses in the accounts of their clients after transferring trades from other accounts, created for such purposes only.

The brokers generally keep conducting both ‘buy’ and ‘sell’ trades in these fictitious accounts so that they can be used accordingly when approached by such clients.

In the market parlance, these deals are known as profit or loss shopping. While profit is purchased to show black money as earnings from the market, the losses are purchased to avoid tax on earnings from other sources.

As the transfer of trades is not allowed from one account to the other in general cases, the brokers show the trades conducted in their own fictitious accounts as "punching" errors. The regulations allow transfer of trades in the cases of genuine errors, as at times, "punching" or placing of orders can be made for the wrong client. To check any abuse of this rule, SEBI has asked the bourses to put in place a robust mechanism to identify whether the errors are genuine or not. At the same time, the bourses have been asked to levy penalty on the brokers transferring their non-institutional trades from one account to the other. The penalty would be 1% of the traded value in wrong account, if such trades are up to 5% of the broker’s total non-institutional turnover in a month. The penalty would be 2% of trade value in wrong account, if such transactions exceed 5% of total monthly turnover in a month.

Direction: Read the passage and answer the following questions.

With an aim to check flow of black money and evasion of taxes through stock market, market regulator SEBI has decided to impose a hefty penalty on brokers facilitating such transactions from tomorrow. The regulator recently came across a loophole in its existing regulations, which was being abused by stock brokers for facilitating tax evasion and flow of black money through fictitious trades in lieu of hefty commissions. To remove this anomaly, SEBI has asked stock exchanges to penalise the brokers transferring trades from one trading account to another after terming them as "punching" errors. The penalty could be as high as 2% of the value of shares traded in the ‘wrong’ account, as per new rules coming into effect from August 1.

In a widely-prevalent, but secretly operated practice, the people looking to evade taxes approach certain brokers to show losses in their stock trading accounts, so that their earnings from other sources are not taxed. These brokers are also approached by people looking to show their black money as earnings made through stock market. In exchange for a commission, generally 5-10% of the total amount, these brokers show desired profits or losses in the accounts of their clients after transferring trades from other accounts, created for such purposes only.

The brokers generally keep conducting both ‘buy’ and ‘sell’ trades in these fictitious accounts so that they can be used accordingly when approached by such clients.

In the market parlance, these deals are known as profit or loss shopping. While profit is purchased to show black money as earnings from the market, the losses are purchased to avoid tax on earnings from other sources.

As the transfer of trades is not allowed from one account to the other in general cases, the brokers show the trades conducted in their own fictitious accounts as "punching" errors. The regulations allow transfer of trades in the cases of genuine errors, as at times, "punching" or placing of orders can be made for the wrong client. To check any abuse of this rule, SEBI has asked the bourses to put in place a robust mechanism to identify whether the errors are genuine or not. At the same time, the bourses have been asked to levy penalty on the brokers transferring their non-institutional trades from one account to the other. The penalty would be 1% of the traded value in wrong account, if such trades are up to 5% of the broker’s total non-institutional turnover in a month. The penalty would be 2% of trade value in wrong account, if such transactions exceed 5% of total monthly turnover in a month.

Direction: Read the passage and answer the following questions.

With an aim to check flow of black money and evasion of taxes through stock market, market regulator SEBI has decided to impose a hefty penalty on brokers facilitating such transactions from tomorrow. The regulator recently came across a loophole in its existing regulations, which was being abused by stock brokers for facilitating tax evasion and flow of black money through fictitious trades in lieu of hefty commissions. To remove this anomaly, SEBI has asked stock exchanges to penalise the brokers transferring trades from one trading account to another after terming them as "punching" errors. The penalty could be as high as 2% of the value of shares traded in the ‘wrong’ account, as per new rules coming into effect from August 1.

In a widely-prevalent, but secretly operated practice, the people looking to evade taxes approach certain brokers to show losses in their stock trading accounts, so that their earnings from other sources are not taxed. These brokers are also approached by people looking to show their black money as earnings made through stock market. In exchange for a commission, generally 5-10% of the total amount, these brokers show desired profits or losses in the accounts of their clients after transferring trades from other accounts, created for such purposes only.

The brokers generally keep conducting both ‘buy’ and ‘sell’ trades in these fictitious accounts so that they can be used accordingly when approached by such clients.

In the market parlance, these deals are known as profit or loss shopping. While profit is purchased to show black money as earnings from the market, the losses are purchased to avoid tax on earnings from other sources.

As the transfer of trades is not allowed from one account to the other in general cases, the brokers show the trades conducted in their own fictitious accounts as "punching" errors. The regulations allow transfer of trades in the cases of genuine errors, as at times, "punching" or placing of orders can be made for the wrong client. To check any abuse of this rule, SEBI has asked the bourses to put in place a robust mechanism to identify whether the errors are genuine or not. At the same time, the bourses have been asked to levy penalty on the brokers transferring their non-institutional trades from one account to the other. The penalty would be 1% of the traded value in wrong account, if such trades are up to 5% of the broker’s total non-institutional turnover in a month. The penalty would be 2% of trade value in wrong account, if such transactions exceed 5% of total monthly turnover in a month.

Direction: Read the passage and answer the following questions.

With an aim to check flow of black money and evasion of taxes through stock market, market regulator SEBI has decided to impose a hefty penalty on brokers facilitating such transactions from tomorrow. The regulator recently came across a loophole in its existing regulations, which was being abused by stock brokers for facilitating tax evasion and flow of black money through fictitious trades in lieu of hefty commissions. To remove this anomaly, SEBI has asked stock exchanges to penalise the brokers transferring trades from one trading account to another after terming them as "punching" errors. The penalty could be as high as 2% of the value of shares traded in the ‘wrong’ account, as per new rules coming into effect from August 1.

In a widely-prevalent, but secretly operated practice, the people looking to evade taxes approach certain brokers to show losses in their stock trading accounts, so that their earnings from other sources are not taxed. These brokers are also approached by people looking to show their black money as earnings made through stock market. In exchange for a commission, generally 5-10% of the total amount, these brokers show desired profits or losses in the accounts of their clients after transferring trades from other accounts, created for such purposes only.

The brokers generally keep conducting both ‘buy’ and ‘sell’ trades in these fictitious accounts so that they can be used accordingly when approached by such clients.

In the market parlance, these deals are known as profit or loss shopping. While profit is purchased to show black money as earnings from the market, the losses are purchased to avoid tax on earnings from other sources.

As the transfer of trades is not allowed from one account to the other in general cases, the brokers show the trades conducted in their own fictitious accounts as "punching" errors. The regulations allow transfer of trades in the cases of genuine errors, as at times, "punching" or placing of orders can be made for the wrong client. To check any abuse of this rule, SEBI has asked the bourses to put in place a robust mechanism to identify whether the errors are genuine or not. At the same time, the bourses have been asked to levy penalty on the brokers transferring their non-institutional trades from one account to the other. The penalty would be 1% of the traded value in wrong account, if such trades are up to 5% of the broker’s total non-institutional turnover in a month. The penalty would be 2% of trade value in wrong account, if such transactions exceed 5% of total monthly turnover in a month.