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Friday Five – 2 October – 5 Questions in 5 Minutes

Friday Five – 2 October – 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 2015/16, examinable until 31 August 2016.

  1. How would you describe the impact of the EU on UK regulation?
    1. UK financial services are not subject to regulations imposed by the EU
    2. A limited amount of UK financial services regulation originates from the EU
    3. UK financial services regulation is solely derived from the EU
    4. Around 70% of the FCA’s policy making is driven by EU initiatives
  1. An investment has a high standard deviation around the expected return. What does this tell us about the investment?
    1. The investment would be classed as low risk
    2. The investment has low correlation with other asset classes
    3. The investment is producing returns broadly in line with expectations
    4. The investment would be considered volatile and risky
  1. Alex has recently bought £5,400 worth of shares through an online platform provider. Which of the following is he liable for?
    1. Stamp duty of £30
    2. Stamp duty of £27
    3. Stamp duty reserve tax of £30
    4. Stamp duty reserve tax of £27
  1. In deciding to draw income under a drawdown pension, your client should be aware that: Tick all that apply.
    1. Any pension commencement lump sum must be taken at outset.
    2. The minimum income requirement for flexi-access drawdown is £10,000.
    3. Taking more than the maximum permitted income from capped drawdown will trigger the MPAA.
    4. Capped drawdown reviews will take place every three years before age 75 and annually thereafter.
    5. Both capped and flexi-access drawdown pension can take the form of short-term annuities.
  1. A comprehensive Private Medical Insurance policy will sometimes provide cover for which of the following in the context of long term care provision? .
    1. Home Nursing
    2. The cost of treatment for long term incurable conditions
    3. Osteoarthritis
    4. Dementia

 

Answers

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

 

  1. D – See R02 Study Text, Chp 3 Section A1
    Grab our taster mock exam paper for CII R02. Click here to download.

 

  1. D – See R03 Study Text, Chp 7 Section B
    Grab our taster mock exam paper for CII R03. Click here to download.

 

  1. A, C, D, E – See R04 Study Text, Chp 6:2 Section E1A
    Grab our taster mock exam paper for CII R04. Click here to download.

 

  1. A – See CF8 Study Text, Chp 4 Section B2A
    Grab our taster mock exam paper for CII CF8. 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?

Do let us know by leaving a comment below – we promise to read them all. (Humour particularly appreciated on a Friday!)

 

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