Friday Five – 27 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.
These questions relate to examinable tax year 2015/16, examinable until 31 August 2016.
- What is the minimum frequency a firm should test its capital adequacy?
- Every 3 years
- Every 2 years
- Every year
- Every 6 months
- A portfolio was worth £15,000 at the start of the year and £18,000 at the end of the year. £2,500 was invested at the end of June and £1,750 was withdrawn at the end of September. What is the Money Weighted rate of return?
- If Pauline incurred a chargeable gain on 4th May 2015, when would the CGT liability have to be paid?
- 31st January 2017
- 31st January 2016
- 30th October 2016
- 30th October 2015
- To be a lifetime annuity HMRC requires that the annuity must be:
- Payable for the member’s life.
- Purchased from a list of HMRC approved annuity providers.
- Be paid at least once a year in advance.
- Capable of assignment and surrender in any circumstances.
- Brian and Fiona wish to raise cash on their home using a lifetime mortgage. Which of the following should they be aware of?
- The younger of them must be at least 65
- Their monthly payments will be based on a fixed rate
- They may be able to drawdown periodic lump sums
- The younger they are the higher the loan will be
- C – See R01 Study Text, Chp 5:1 Section E2
Grab our taster mock exam paper for CII R01. Click here to download.
- B – See R02 Study Text, Chp 9 Section B1A
Grab our taster mock exam paper for CII R02. Click here to download.
- A – See R03 Study Text, Chp 3 Section H
Grab our taster mock exam paper for CII R03. Click here to download.
- A – See R04 Study Text, Chp 6:1 Section C2A
Grab our taster mock exam paper for CII R04. Click here to download.
- C – See R07 Study Text, Chp 6 Section H1
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?
Do let us know by leaving a comment below – we promise to read them all. (Humour particularly appreciated on a Friday!)