Friday Five – 19 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.
IMPORTANT! These questions relate to examinable tax year 2018/19, examinable by the CII until 31 August 2019. They do not relate to tax year 2019/20 which is only examinable by the CII from 1 September 2019.
- When should a firm notify the FCA of its address change?
- Should inform the FCA immediately
- No requirement to inform the FCA
- Within 6 months of the address change
- In advance of the change in address
- If interest is payable at more frequent intervals (than annually), how would the effective rate of interest be different to the nominal rate of interest?
- The effective rate reduces
- The nominal rate would be higher
- The effective rate would be higher
- There would be no difference
- Jack is aged 68 and has worked for the same employer for over 40 years. Which of the following statements regarding National Insurance Contributions is correct?
- They are deducted from his pay before calculating his income tax liabilities
- They are based on the tax year
- He no longer has to pay them, although his employer will
- Neither Jack nor his employer are required to pay them
- Which features would you normally associate with a defined benefit scheme pension? Tick all that apply.
- Lump sum death benefits.
- Pension based on a percentage of salary.
- Guaranteed income for life.
- Prospect of investment growth.
- Where a business is considering protection for one of its employees, the need will depend on:
- the individual employee’s role in the business
- the individual employee’s age
- the individual employee’s salary
- the individual employee’s length of service
- D – See R01 Study Text, Chp 6
Grab our taster mock exam paper for CII R01. Click here to download.
- C – See R02 Study Text, Chp 4
Grab our taster mock exam paper for CII R02. Click here to download.
- C – See R03 Study Text, Chp 2
Grab our taster mock exam paper for CII R03. Click here to download.
- ABC – See R04 Study Text, Chp 6:1
Grab our taster mock exam paper for CII R04. Click here to download.
- A – 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?
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