There is a square piece of paper with a hole that is denoted by the circle on the top right side in the given picture. You have to cut the paper in a manner that it forms two and only two separate pieces of paper and then rearrange the pieces in a manner that the holes come in the centre of the paper.
In four steps you need to move the word 'cold' From 'warm' by replacing one alphabet at a time such that every word formed at each step is acceptable in English Dictionary.