Friday Five – 11 May – 5 Questions in 5 Minutes
Welcome to this week’s Friday Five – 5 Questions in 5 Minutes Every Friday
What’s this all about?
It’s a bit of Friday Fun where we provide you with 5 questions relevant to a mix of CII exams. The challenge is for you to answer them in 5 minutes. Answers at the bottom of the page.
IMPORTANT! These questions relate to examinable tax year 2017/18, examinable by the CII until 31 August 2018. They do not relate to tax year 2018/19 which is only examinable by the CII from 1 September 2018.
- Within the FCA handbook, under ‘Threshold Conditions’ what is the rule around location of offices?
- The registered office must be within the EEA
- The head office and registered office must be within the EEA if the body corporate is constituted under the law of any part of the UK
- A regulated firm must provide an address that they have held for 5 years
- The head office and registered office must be in the UK if the body corporate is constituted under the law of any part of the UK
- Disinflation typically occurs when:
- prices are declining over time and the rate of inflation becomes negative
- the supply of goods rises faster than the supply of money
- there is a decrease in the rate of inflation
- buying power of money is reduced
- Which of the following individuals has a potential Capital Gains Tax liability? Tick all that apply.
- Susan lived in her home for 5 years before moving out 18 months prior to its sale
- Jim’s house was empty for 3 years while he was travelling although he lived there before he went away and came back to it on his return
- Peter and Paul are civil partners and have owned two homes for the past 3 years and now wish to claim exemptions on one property each
- Mark has owned his house for 10 years although only lived in it for 5 years
- Guaranteed Minimum Pension (GMP) benefits between 1978 and April 1988 were:
- fully inflation proofed, paid entirely by the State.
- fully inflation proofed, with the State paying any RPI in excess of 3%.
- fully inflation proofed, paid entirely by the Scheme.
- inflation proofed, with the scheme paying up to a maximum of 2.5%.
- Georgia wants to set up a Lasting Power of Attorney for her daughter. If she did not do this and became mentally incapable, who would be responsible for handling her affairs?
- Her solicitor
- A Deputy appointed by the Court of Protection
- Her family
- A guardian employed by the Department of Social Security
- D – See R01 Study Text, Chp 5:2
Grab our taster mock exam paper for CII R01. Click here to download.
- C – See R02 Study Text, Chp 2
Grab our taster mock exam paper for CII R02. Click here to download.
- CD – See R03 Study Text, Chp 3
Grab our taster mock exam paper for CII R03. Click here to download.
- A – See R04 Study Text, Chp 4
Grab our taster mock exam paper for CII R04. Click here to download.
- B – See R05 Study Text, Chp 8
Grab our taster mock exam paper for CII R05. Click here to download.
How did you find this week’s questions? Did you complete them in 5 minutes? Did you get them all correct? Do you disagree with any?
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