Friday Five – 28 December – 5 Questions in 5 Minutes
Last updated on September 25th, 2019 at 4:18 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.
These questions relate to examinable tax year 2018/19, examinable until 31 August 2019.
- Which of the following is an example of a global regulatory body?
- The European Systemic Risk Board
- The Prudential Regulation Authority
- The Financial Action Task Force
- The Bank of England
- What characteristic would you associate with fixed interest securities?
- Fixed redemption value
- High risk
- Variable rate of interest
- Negotiable long-terms
- Which of the following individuals would be classed as a UK resident in this tax year? Tick all that apply.
- George who has lived in the UK for an average of 40 days a year for the last 4 years
- Yvonne who will be in the UK for 185 days in this tax year
- Gordon who arrived in the UK on 01/12/16 to take up full time employment
- Graham who lives in Germany but visits his family in the UK for 2 weeks every 3 months
- Eleanor’s family home is in Brighton, but due to extensive work commitments this year will have spent 140 days this tax year in Florida
- Helen retired some years ago and now permanently lives overseas. Her State pension is NOT increased each April which would suggest she:
- has an insufficient NIC record.
- has a Category B pension.
- lives in a country with no reciprocal social security agreement with the UK.
- commuted the increases for a tax-free lump sum.
- Tom is receiving benefits from his employer’s group income protection scheme. How will these be treated in relation to his personal tax liability?
- They will be free of tax if Tom has been a member of the scheme for more than 2 years before receiving the benefits
- They will be completely free of any liability for tax
- They will be taxed in the same way as normal pay
- They will only be taxed if Tom is still receiving them after 12 months
- C – See R01 Study Text, Chp 1
Grab our taster mock exam paper for CII R01. Click here to download.
- A – See R02 Study Text, Chp 1:1
Grab our taster mock exam paper for CII R02. Click here to download.
- BCE – See R03 Study Text, Chp 5
Grab our taster mock exam paper for CII R03. Click here to download.
- C – See R04 Study Text, Chp 7
Grab our taster mock exam paper for CII R04. Click here to download.
- C – See R05 Study Text, Chp 6
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?
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