Friday Five – 17 April – 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

IMPORTANT!  These questions relate to examinable tax year 2019/20, examinable by the CII until 31 August 2020.  They do not relate to tax year 2020/21 which is only examinable by the CII from 1 September 2020.

1. The first of twelve steps to take in designing and implementing a Corporate Social Responsibility (CSR) programme is to?
   1. Understand the level of resources you have available
   2. Identify all your stakeholders
   3. Have someone check your CSR programme is working as well as you would expect
   4. Implement improvements and monitor progress

2. Who issues Treasury bills?
   1. Governments
   2. Banks
   3. Building societies
   4. Life offices

3. Alex is self-employed and has asked you to explain what is included in the balancing payment he has to make to HMRC in January of each year. You tell him the following is included:
   1. class 2 national insurance, the balance of income tax and class 4 national insurance and any capital gains tax
   2. class 4 national insurance and any capital gains tax
   3. class 2 national insurance and any outstanding income tax
   4. class 2 national insurance, the balance of income tax, class 1 national insurance and any capital gains tax

4. What was the main purpose of the introduction of the Pension Schemes Act 2017?
   1. To provide greater regulation for the use of discretionary trusts with pensions.
   2. To give TPR supervisory powers to authorise and de-authorise master trusts.
   3. To provide employers with further guidance on implementing auto-enrolment.
   4. To give the Pensions Ombudsman powers to investigate State pensions.

5. Which of the following is disregarded for long term care purposes according to the Care Act 2014?
   1. Investment bonds
   2. Capital redemption bonds
   3. Individual Savings Accounts
   4. Unit trusts

Answers

1. B – See R01 Study Text, Chp 10
   Grab our taster mock exam paper for CII R01. Click here to download.

2. A – See R02 Study Text, Chp 1:1
   Grab our taster mock exam paper for CII R02. Click here to download.

3. A – See R03 Study Text, Chp 6
   Grab our taster mock exam paper for CII R03. Click here to download.

4. B – See R04 Study Text, Chp 3
   Grab our taster mock exam paper for CII R04 Click here to download.

5. A – 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?

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