Friday Five – 13 March – 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.

Questions

These questions relate to examinable tax year 2019/20, examinable until 31 August 2020.

1. Why would it be sensible for P J Carruthers Ltd, a small advisory firm, to repeatedly compile some of the same MI over time?
   1. To improve efficiency of data gathering
   2. To allow the workforce to understand the data
   3. So that companies in the same sector can make comparisons
   4. To assess trends and monitor progress

2. Hydro is a company involved in developing alternative energy sources. This is of interest to ethical funds who adopt which approach to screening?
   1. Negative screening
   2. Avoidance screening
   3. Positive screening
   4. Green screening

3. John is self-employed, and his accounts run to 31st August each year; what will his taxable trading income for 2019/20 be based on?
   1. Profits from 6th April 2018 to 5th April 2019
   2. Profits for his accounts ending 31st August 2018
   3. Profits for his accounts ending 31st August 2019
   4. Profits from 31st August 2018 to the 5th April 2019

4. Joyce registered for Primary protection with a fund at A-day valued at £2m. Assuming a lifetime allowance of £2.4m at the point when Joyce crystallises her fund, what amount can her fund build up to before any lifetime allowance charge is levied?
   1. £2.0m
   2. £2.4m
   3. £2.7m
   4. £3.2m

5. Although no set survival period is specified in the ABI best practice, which of the following reflects the typical range of survival periods for critical illness cover on the market?
   1. 7 – 14 days
   2. 10 – 14 days
   3. 14 – 21 days
   4. 14 – 30 days

Answers

1. D – See R01 Study Text, Chp 4
   Grab our taster mock exam paper for CII R01. Click here to download.

2. C – See R02 Study Text, Chp 7
   Grab our taster mock exam paper for CII R02. Click here to download.

3. C – See R03 Study Text, Chp 1
   Grab our taster mock exam paper for CII R03. Click here to download.

4. D – See R04 Study Text, Chp 2.2
   Grab our taster mock exam paper for CII R04 Click here to download.

5. D – See R05 Study Text, Chp 7
   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?

If you found this quiz useful for your CII exam revision, please do share it with your colleagues.