Option 2 : Beena certainly ranks fourth when performance is arranged in descending order.
Given:
i) Ashu's performance level is higher during the term than that of Beena.
Ashu > Beena
ii) Karim's performance is lower than that of Dharm.
Dharm > Karim
iii)Beena's performance is of lower level than Karim.
Karim > Beena
iv) Ashu's performance level is higher than Mike.
Ashu > Mike
Ashu > Beena; Dharm > Karim > Beena; Ashu > Mike
Analyzing the options
i) It is not possible to decide ascending order of these five as there is no sufficient information about Mike. → True
ii) Beena certainly ranks fourth when performance is arranged in descending order. → False( It is possible but not definite)
iii) Ashu's performance is not definitely of high quality when compared with other four. → True( it is possible but not definite as performance of Ashu and Dharm cannot be compared).
iv) If we are not considering Mike then Dharm's performance is definitely of high quality than Karim and Beena. → True