Friday Five – 27 December – 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 2019/20, examinable until 31 August 2020.

1. What is HM Treasury department responsible for?
   1. Putting into effect the UK Government’s financial and economic policy
   2. Guaranteeing the Government’s debt
   3. Monitoring the circulation of money within the financial services sector
   4. The safekeeping of the Crown’s estate

2. Simon makes payments to his occupational pension scheme by deduction from his pay. What is this method known as?
   1. Net pay arrangement
   2. Relief at source
   3. Gross pay arrangement
   4. Relief by claim

3. Under auto-enrolment rules, an employer must automatically enrol which of the following workers into a qualifying pension scheme?
   1. Florence who is aged 21 and earns £9,000.
   2. Joseph who is aged 69 and earns £12,000 per year working part-time.
   3. Nancy who is aged 25 and earns £30,000 per year working full time.
   4. Kush who earns £100 per week working part-time.

4. Ben has a budget private medical insurance policy and Claire has a comprehensive plan. Which of the following statements is TRUE?
   1. Ben’s policy has limited extra benefits.
   2. Claire’s policy will have lower limits on the costs of treatments covered in any one year.
   3. If there is an excess on the policy, it will be higher on Ben’s.
   4. There will be no exclusions on Claire’s policy.

5. What is a buyer of a covered call warrant actually buying?
   1. The right to buy the underlying security at a predetermined price and date
   2. The right to sell the underlying security at a predetermined price and date
   3. An obligation to buy the underlying security at a predetermined price and date
   4. An obligation to sell the underlying security at a predetermined price and date

Answers

1. A – See R01 Study Text, Chp 4
   Grab our taster mock exam paper for CII R01. Click here to download.

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

3. C – See R04 Study Text, Chp 1 & 3
   Grab our taster mock exam paper for CII R04. Click here to download.

4. C – See R05 Study Text, Chp 9
   Grab our taster mock exam paper for CII R05. Click here to download.

5. A – See J12 Study Text, Chp 1
   Grab our taster mock exam paper for CII J12. 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.