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Friday Five – 23 August – 5 Questions in 5 Minutes

Friday Five – 23 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 2018/19, examinable by the CII until 31 August 2019.  They do not relate to tax year 2019/20 which is only examinable by the CII from 1 September 2019.

  1. Under COBS 2, providers can run training for intermediaries but what is the position regarding paying expenses?
    1. They cannot pay expenses
    2. They can pay ‘reasonable’ expenses
    3. They can pay up to £250 per annum
    4. They can cover the cost of refreshments
  1. When comparing the money-weighted rate of return (MWR) with the time-weighted rate of return, which of the following statements are correct? Tick all that apply.
    1. MWR measures the overall return on capital invested over a specific period
    2. MWR allows comparisons to be made of the performance of one manager with another
    3. TWR breaks the period being assessed down into sub-periods
    4. TWR is sometimes also known as the internal rate of return
  1. Maureen wants to invest tax efficiently for her daughter born in June 2018. Which of the following products would best enable her to do this?
    1. A Personal Pension and Junior ISA
    2. A Junior ISA and a Child Trust Fund
    3. A Child Trust Fund and a Personal Pension
    4. A Junior ISA and a Friendly Society Plan
  1. Defined benefit schemes represent an open-ended liability for employers, but which factor does not directly contribute to their potential liability?
    1. Age and marital status of the members.
    2. Number of deaths prior to retirement.
    3. Returns of the underlying investments.
    4. Company profits.
  1. Which of the following is not an argument in favour of taking out private medical insurance?
    1. It is more suitable for a patient with a chronic medical condition
    2. Avoids long waiting lists for NHS treatment
    3. Patient is normally able to choose their own hospital and surgeon
    4. Likely to have a private room rather than be on a general ward

 

Answers

  1. B – See R01 Study Text, Chp 5:2
    Grab our taster mock exam paper for CII R01. Click here to download.
  1. AC – See R02 Study Text, Chp 9
    Grab our taster mock exam paper for CII R02. Click here to download.
  1. A – See R03 Study Text, Chp 11
    Grab our taster mock exam paper for CII R03. Click here to download.
  1. D – See R04 Study Text, Chp 4
    Grab our taster mock exam paper for CII R04. Click here to download.
  1. A – See R05 Study Text, Chp 9
    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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