Friday Five – 23 December – 5 Questions in 5 Minutes
Last updated on September 25th, 2019 at 4:33 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
These questions relate to examinable tax year 2016/17, examinable until 31 August 2017.
- Under which circumstances must a firm complete Customer Due Diligence? Tick all that apply.
- When a regulated firm carries out a regular annual transaction
- When a regulated firm establishes a business relationship
- For pension schemes where members cannot assign their rights
- When a regulated firm carries out an ad hoc transaction
- Sybil is invested in a property authorised investment fund (PAIF). How will she receive any interest?
- Gross and not taxable
- Gross and taxable at basic rate
- Paid net of basic rate tax
- Paid net of 10% tax
- What factors determine the level and type of National Insurance Contributions payable? Tick all that apply.
- Employment status
- Gender
- Health status
- Level of earnings
- Age
- The Bereavement Payment is a tax-free one off lump sum payment of:
- £1,000.
- £2,000.
- £3,000
- £3,600.
- Colin has a property valued at £250,000 – he wants to release some funds to pay for a round the world cruise now, but later he may wish to sell his current house and trade down. What sort of equity release scheme should he avoid?
- Lifetime mortgage with interest roll up
- Full Home Reversion Plan
- Lifetime mortgage with interest repayment
- Drawdown lifetime mortgage
Answers
- BD – See R01 Study Text, Chp 6
Grab our taster mock exam paper for CII R01. Click here to download.
- C – See R02 Study Text, Chp 6.2
Grab our taster mock exam paper for CII R02. Click here to download.
- ADE – See R03 Study Text, Chp 2
Grab our taster mock exam paper for CII R03. Click here to download.
- B – See R04 Study Text, Chp 7
Grab our taster mock exam paper for CII R04. Click here to download.
- B – See ER1 Study Text, Chp 6
Grab our taster mock exam paper for CII ER1. 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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