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Friday Five – 14 February – 5 Questions in 5 Minutes

Friday Five – 14 February – 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. Who would be regarded as an ‘eligible complainant’’ under FCA rules? Tick all that apply.
    1. A local authority
    2. A consumer
    3. A charity with a £8m annual income
    4. A guarantor
  1. Limetree has earnings per share of 18.24p and a dividend per share of 7.52p. What is their dividend cover?
    1. 2.43 times
    2. 2.43%
    3. 4.12 times
    4. 4.12%
  1. Why might a company consider using the flat rate scheme for Value Added Tax (VAT)?
    1. The simplified structure should reduce their administration burden
    2. To allow them to reclaim VAT on business related purchases
    3. For caterers, it allows them to reclaim VAT on standard rate purchases
    4. To qualify for the reduced VAT rate of 17.5%
  1. Which of the following actions could be deemed an offence for Trustees of an occupational scheme?
    1. Recommending employees join the scheme
    2. Giving advice on a provider’s personal pension
    3. Promoting an in-house AVC
    4. Criticising, in generic terms, an individual pension
  1. James makes a lifetime gift into a trust which isn’t an absolute/bare or disabled trust. How much tax is due immediately? Assume no annual exemptions are available.
    1. 20% on the amount gifted into trust
    2. 20% on the amount gifted into trust that exceeds the available nil rate band
    3. 40% on the amount gifted into trust that exceeds the available nil rate band
    4. 40% on the amount gifted into trust

 

Answers

  1. BD – See R01 Study Text, Chp 6
    Grab our taster mock exam paper for CII R01. Click here to download.
  1. A – See R02 Study Text, Chp 1:2
    Grab our taster mock exam paper for CII R02. Click here to download.
  1. A – See R03 Study Text, Chp 8
    Grab our taster mock exam paper for CII R03. Click here to download.
  1. B – See R04 Study Text, Chp 3
    Grab our taster mock exam paper for CII R04 Click here to download.
  1. B – See R05 Study Text, Chp 2
    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.

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