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Friday Five – 21 August – 5 Questions in 5 Minutes

Friday Five – 21 August – 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. Which of the following is NOT one of the FCA’s Principles for Businesses?
    1. Integrity
    2. Honesty
    3. Customers’ interests
    4. Clients’ assets
  1. Campbell is considering US investment. Which are the main indices used when assessing US stocks? Tick all that apply.
    1. The Dow Jones Industrial Average
    2. Topix
    3. Standard & Poor’s (S&P) Composite
    4. The NASDAQ Composite
    5. DAX 30
  1. David transferred ownership of his share portfolio to his son realising a gain on which he paid Capital Gains Tax (CGT). Four years later David died, what tax, if any, is now due?
    1. His son faces a potential CGT charge on the difference between the value at which he acquired the asset and the market value at David’s death
    2. As a failed PET, there is a potential IHT charge with no credit given for the CGT paid on the earlier transfer
    3. There would be no further charge due to the CGT paid on the earlier transfer
    4. There may be an IHT charge, but relief would be given for the CGT paid
  1. After discussion with his adviser, Robert is transferring his personal pension to another provider. During these discussions, his adviser would have taken account of which of the following factors when determining whether the transfer was appropriate for Robert? Tick all that apply.
    1. Robert’s current inheritance tax position
    2. Whether there is a transfer penalty
    3. The current economic outlook
    4. A comparison of charges on both schemes
  1. Where an employer takes out group critical illness cover for their employees, a claim will usually only be paid where the employee survives for how many days after diagnosis?
    1. 10
    2. 14
    3. 21
    4. 30

 

Answers

  1. B – See R01 Study Text, Chp 9
    Grab our taster mock exam paper for CII R01. Click here to download.
  1. ACD – See R02 Study Text, Chp 1:2
    Grab our taster mock exam paper for CII R02. Click here to download.
  1. B – See R03 Study Text, Chp 12
    Grab our taster mock exam paper for CII R03. Click here to download.
  1. BD – See R04 Study Text, Chp 5
    Grab our taster mock exam paper for CII R04 Click here to download.
  1. D – See R05 Study Text, Chp 7
    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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