Friday Five – 22 July – 5 Questions in 5 Minutes
Last updated on September 25th, 2019 at 4:36 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.
IMPORTANT! These questions relate to examinable tax year 2015/16, examinable by the CII until 31 August 2016. They do not relate to tax year 2016/17 which is only examinable by the CII from 1 September 2016.
- What are the FCA Principles for Businesses?
- Guidelines issued by the FCA to all authorised firms
- Statements of the fundamental obligations of all authorised firms
- The basis behind many of the FCA rules
- Management control systems for authorised firms
- Simon makes a £7,500 contribution to his employer in respect of his new company car. How will this be treated when calculating the taxable benefit?
- £7,500 will be deducted from the list price
- £5,000 will be deducted from the list price
- The contribution is ignored in the calculation
- The first £2,500 of the contribution is deducted
- Which of the following actions could be deemed an offence for Trustees of an occupational scheme?
- Recommend employees join the scheme.
- Give advice on a provider’s personal pension.
- Promote an in-house AVC.
- Criticise, in generic terms, an individual pension.
- What does reinvestment risk refer to?
- A potential penalty suffered on the early encashment within a fixed rate notice period
- Fluctuating interest rates on variable savings accounts
- Inability to invest maturing money from a fixed rate account into accounts offering comparable rates
- The withdrawal of maturity investment options
- Tina and Nick have decided to separate and the mortgage is being transferred into Nick’s name. What will HMRC take into account when considering how much stamp duty land tax will be paid?
- The valuation of the property as valued by three independent estate agents
- Any consideration paid to Tina and the value of any mortgage that Nick takes over
- The value of their outstanding mortgage and a current market value of the property
- Any consideration paid to Tina and the value of her new property
- B – See R01 Study Text, Chp 9, Section A1
Grab our taster mock exam paper for CII R01. Click here to download.
- B – See R03 Study Text, Chp 1, Section G3F
Grab our taster mock exam paper for CII R03. Click here to download.
- B – See R04 Study Text, Chp 3.2, Section E3B
Grab our taster mock exam paper for CII R04. Click here to download.
- C – See J10 Study Text, Chp 2:1, Section A1F
Grab our taster mock exam paper for CII J10. Click here to download.
- B – See R07 Study Text, Chp 7, Section C4
Grab our taster mock exam paper for CII R07. 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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