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Friday Five – 20 September – 5 Questions in 5 Minutes

Friday Five – 20 September – 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. Which of the following elements would you NOT expect to see within a firm’s framework for embedding an ethical culture into the firm?
    1. No commitment to a professional ethical body
    2. Ethics code or values statement
    3. Methods of measuring and evaluating ethics
    4. Process and structures to embed ethics
  1. A savings account has a quoted rate of interest of 8%; the interest is payable half-yearly. What is the effective annual rate of interest?
    1. 8.25%
    2. 8.16%
    3. 8.22%
    4. 8.12%
  1. Fred and Nancy have a Child Trust Fund for their 11-year-old daughter as well as holding a Cash ISA and a Stocks and Shares ISA. They are looking around for better providers and have asked you for advice as to the type of transfer they can do. Which of the following would they be unable to do?
    1. The Child Trust Fund to a Cash ISA
    2. The Child Trust Fund to a Junior ISA
    3. The Stocks & Shares ISA to a Cash ISA
    4. The Cash ISA to another Cash ISA
  1. Desmond dies at the age of 68 in receipt of a scheme pension. If the scheme continues to pay an income after his death, his wife Debbie will receive a:
    1. dependant’s scheme pension paid tax-free.
    2. lifetime annuity paid tax-free.
    3. dependant’s scheme pension taxed as her pension income under PAYE.
    4. dependant’s lifetime annuity taxed as her pension income under PAYE.
  1. Julie has decided to pay the premiums on her life assurance policy by monthly instalments. This means that the premium she pays will have a:
    1. handling fee
    2. frequency loading
    3. net premium adjustment
    4. natural premium reduction

 

Answers

  1. A – See R01 Study Text, Chp 10
    Grab our taster mock exam paper for CII R01. Click here to download.
  1. B – See R02 Study Text, Chp 4
    Grab our taster mock exam paper for CII R02. Click here to download.
  1. A – See R03 Study Text, Chp 10
    Grab our taster mock exam paper for CII R03. Click here to download.
  1. C – See R04 Study Text, Chp 2:2
    Grab our taster mock exam paper for CII R04. Click here to download.
  1. B – See R05 Study Text, Chp 4
    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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