Welcome to Online English Section with explanation in AffairsCloud.com. Here we are creating question sample in Reading comprehension, which is BASED ON IBPS PO/CLERK/LIC AAO/RRB & SSC CGL EXAM and other competitive exams.
Business law skill sets can greatly complement the network built and sectoral expertise acquired over years of working with the government. Due to the vast exposure and domain expertise gathered over years of working with the government, several unique career opportunities emerge for civil servants, ranging from being an in-house consultant, an advisor or entrepreneur (as explained below), which they can capitalize on within a few years of starting work itself or after retirement (whether it is after VRS or post superannuation). For example, engineers who have worked for the government or who have worked as officers of PSUs can become extremely sought-after business consultants if they possess an understanding of business laws, commercial agreements and regulations, apart from technical knowledge.
Another feasible option is to work as a business consultant who understands his or her own field and on-ground aspects of how law applies to it. The market has huge demand for such engineers. For this purposes, having practical legal skills is an added advantage. These skills can be acquired through prior experience, which has its own monetary and time costs or by pursuing a systematic course such as this: Diploma in Entrepreneurship Administration and Business Law. Government officers are known to wear different kinds of hats for private businesses – whether it is lobbying with the government for a beneficial policy for organizations operating in a particular sector (e.g. the hotels and hospitality industry or the IT sector), operating as financial or tax consultants or working as advisors on regulatory issues (such as competition, securities or tax issues), or working at the country’s best management consultancies (such as BCG or McKinsey), law firms, accountancy firms or as in-house advisors for companies. Some government officers even become independent consultants to private businesses and start a service business of their own based on such experience. These positions are very lucrative, but require a sound understanding of how commercial arrangements and regulatory laws work.
I know of civil servants who started law firms which are top-rated in their area of practice. For example, one of India’s most famous boutique competition law firms, K.K. Sharma Law Offices, was set up by an Indian Revenue Service officer who served the government for two decades. Similarly, many government officers have started their own businesses – recall that Air Deccan, the famous airline which first started price-wars in the airline industry, was founded by Captain Gopinath, who served the Indian Army. Similarly Ascent Capital, an extremely renowned private equity fund with investments in technology, power, finance and infrastructure space, was founded by a government officer who worked with the revenue department and then with SEBI. Similarly, I know of several army officers who have started their own private security agencies.
1. Which of the following is ‘true’ in the context of the passage?
1) Engineers are not proficient for governments PSUs.
2) Governments officers are not expert in private business.
3) There is no need of independent consultant to private business.
4) Ascent capital is founded by a government officer.
5) None of these
2. Which of the following is the central theme of the passage?
1) Entrepreneurship, an opportunity for government officers.
2) What is the demand of Governments PSUs.
3) Business consultancy, entrepreneurship and new career opportunities
4) What is the difference between Government sector and private sector.
5) None of these
3. According to the passage, what is the huge demand of Market ?
1) Private business consultants.
2) Highly experienced Engineers.
3) Highly qualified government officials.
4) Market has huge demand for such engineers who are proficient in their field.
5) None of these
4. Which of the following statement is false in the context of the given passage?
1) Some government officers become independent consultants to private businesses and started their own service business.
2) Air Deccan started by K K Shamra.
3) Civil servants who started law firms which are on top in their area of practice.
4) There are many army officers who have started their own private security agencies.
5) None of these
5. What is/are feasible option to work as a business Consultant ?
(A) Market requirements such employees who understand their business from ground-level.
(B) Market needs such engineers they have practical skills of their field.
(C) Its not mandatory to having practical knowledge for business consultant.
(D) No prior experience required for Business Consultant.
1) Only A and B
2) Only B and C
3) All A, C and D
4) All B, C and D
5) All A, B, C and D
Explanation : Only A and B
Directions (Q. 6- 8 ) : Choose the word which is MOST SIMILAR in meaning of the word printed in bold as used in the passage.
Explanation : appropriate,
Explanation : known
Directions (Q. 8-10) : Choose the word which is MOST OPPOSITE in meaning of the word printed in bold as used in the passage.
Explanation : lack
Explanation : unprofitable
Explanation : descent