Friday Five – 28 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 2018/19, examinable until 31 August 2019.

1. Which of the following is an example of a global regulatory body?
   1. The European Systemic Risk Board
   2. The Prudential Regulation Authority
   3. The Financial Action Task Force
   4. The Bank of England

2. What characteristic would you associate with fixed interest securities?
   1. Fixed redemption value
   2. High risk
   3. Variable rate of interest
   4. Negotiable long-terms

3. Which of the following individuals would be classed as a UK resident in this tax year? Tick all that apply.
   1. George who has lived in the UK for an average of 40 days a year for the last 4 years
   2. Yvonne who will be in the UK for 185 days in this tax year
   3. Gordon who arrived in the UK on 01/12/16 to take up full time employment
   4. Graham who lives in Germany but visits his family in the UK for 2 weeks every 3 months
   5. 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

4. Helen retired some years ago and now permanently lives overseas. Her State pension is NOT increased each April which would suggest she:
   1. has an insufficient NIC record.
   2. has a Category B pension.
   3. lives in a country with no reciprocal social security agreement with the UK.
   4. commuted the increases for a tax-free lump sum.

5. Tom is receiving benefits from his employer’s group income protection scheme. How will these be treated in relation to his personal tax liability?
   1. They will be free of tax if Tom has been a member of the scheme for more than 2 years before receiving the benefits
   2. They will be completely free of any liability for tax
   3. They will be taxed in the same way as normal pay
   4. They will only be taxed if Tom is still receiving them after 12 months

Answers

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

2. A – See R02 Study Text, Chp 1:1
   Grab our taster mock exam paper for CII R02. Click here to download.

3. BCE – See R03 Study Text, Chp 5
   Grab our taster mock exam paper for CII R03. Click here to download.

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

5. 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?

If you found this quiz useful for your CII exam revision, please do share it with your colleagues.