Friday Five – 21 July – 5 Questions in 5 Minutes
Last updated on September 25th, 2019 at 4:30 am
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 2016/17, examinable by the CII until 31 August 2017. They do not relate to tax year 2017/18 which is only examinable by the CII from 1 September 2017.
- Who has the responsibility for ensuring that TCF outcomes are implemented?
- The Financial Conduct Authority
- The advisory firm
- The Financial Policy Committee
- The Association of British Insurers
- If the value of the pound fell, what effect (if any) would this have on the share price of major exporters?
- Their share price would fall
- Their share price would be marked down
- No effect
- Their share price would rise
- Of the following individuals, who would be eligible to make a pension contribution that would receive full tax relief?
- Alex, a 78-year-old wishing to make a single gross contribution of £3,600
- Leo, who earns £25,000 per annum and wishes to make a single gross contribution of £20,000
- Steve, who has never previously contributed to a pension, wishes to make a single contribution of £40,000, his earnings last year were £52,000 but have fallen this year to £38,000.
- Alison, a full-time housewife who wishes to make regular monthly gross contributions of £420
- Which factor is of least concern to a member of an occupational defined benefit scheme?
- Future and current annuity rates.
- Accrual rate.
- Definition of pensionable remuneration.
- Length of service.
- What is the tax position regarding premiums paid for a pre-funded Long-Term Care Insurance Plan for an individual?
- Paid net of basic rate tax relief
- Paid net of 15% tax relief if plan taken out before 1997
- No tax relief, payable out of net income of the individual
- Tax relief available if planholder is aged over 75
Answers
- B – See R01 Study Text, Chp 7
Grab our taster mock exam paper for CII R01. Click here to download.
- D – See R02 Study Text, Chp 2
Grab our taster mock exam paper for CII R02. Click here to download.
- B – See R03 Study Text, Chp 1
Grab our taster mock exam paper for CII R03. Click here to download.
- A – See R04 Study Text, Chp 4
Grab our taster mock exam paper for CII R04. Click here to download.
- C – See CF8 Study Text, Chp 5
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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