Friday Five – 24 November – 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

These questions relate to examinable tax year 2017/18, examinable until 31 August 2018.

1. Which of the following is one of the FCA’s regulatory principles?
   1. Consumer protection
   2. Efficiency and economy
   3. Promoting competition
   4. Protecting financial markets

2. Soni is an additional rate taxpayer who requires a tax efficient strategy for his investment portfolio valued at £150,000. Which of the following would offer him optimum tax efficiency?.
   1. Cash deposit held directly
   2. Property held within an onshore bond
   3. Fixed interest investments held within a pension
   4. Equities held within an offshore bond

3. Mark earns a basic salary of £50,000 and also receives self-employed profits of £15,000. In this tax year, what is Mark’s total liability to income tax?
   1. £10,700
   2. £14,700
   3. £19,300
   4. £21,400

4. If Mary wishes to achieve a higher level of single-tier Pension by increasing her qualifying years she should consider paying which of the following National Insurance Contributions?
   1. Class 3A.
   2. Class 3.
   3. Class 2.
   4. Class 4.

5. Which benefit might an informal carer be able to claim as a result of providing support for an individual requiring care?
   1. Income support
   2. Attendance Allowance
   3. Personal Independence Payment
   4. Universal Credit

Answers

1. B – See R01 Study Text, Chp 5:1
   Grab our taster mock exam paper for CII R01. Click here to download.

2. C – See R02 Study Text, Chp 7
   Grab our taster mock exam paper for CII R02. Click here to download.

3. B – See R03 Study Text, Chp 1
   Grab our taster mock exam paper for CII R03. Click here to download.

4. B – See R04 Study Text, Chp 7
   Grab our taster mock exam paper for CII R04. Click here to download.

5. A – See CF8 Study Text, Chp 4
   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!)