Yes, it does.
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No, 16 ounces = one pound
Since 16 ounces are equal to a pound, then yes, 20 ounces is greater than a pound (16 ounces).
2 pounds or 32 ounces
16 ounces are equal to 1 pound by definition. Dividing 32 ounces up into blocks of 16 ounces gives 32 ÷ 16 = 2 blocks of 16 ounces. But each 16 ounces is 1 pound, thus 32 ounces is 2 blocks of 16 ounces which are 2 blocks of 1 pound each which is the same as 2 pounds.
1 pound is equal to 16 ounces. Therefore, 2 ounces is equal to 2/16 of a pound, which can be reduced to 1/8 of a pound. So the answer is 3 1/8 pounds.