Friday Five – 29 May – 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.
IMPORTANT! These questions relate to examinable tax year 2019/20, examinable by the CII until 31 August 2020. They do not relate to tax year 2020/21 which is only examinable by the CII from 1 September 2020.
- What is a ‘demand and needs’ statement?
- Documentation used to allow the client to prioritise their requirements
- The IFA’s requirements in terms of charges for product or time
- A statement detailing the client’s needs with the reasons for recommendations
- A list of requirements for new clients with the services the client can expect
- When a portfolio is being arranged to meet more than one objective and a client has different attitudes to risk for each objective, this is known as:
- mental accounting.
- risk capacity.
- accounting planning.
- mental capacity.
- Why might a company consider using the flat rate scheme for Value Added Tax (VAT)?
- The simplified structure should reduce their administration burden
- To allow them to reclaim VAT on business-related purchases
- For caterers, it allows them to reclaim VAT on standard rate purchases
- To qualify for the reduced VAT rate of 17.5%
- Members with safeguarded benefits have a statutory right to request a CETV once in every:
- 3-month period.
- 6-month period.
- 12-month period.
- 18-month period.
- Daphne took out a full Home Reversion Plan some years ago and now wants her daughter to move in with her as a full-time carer. Will this be possible under the terms of her plan?
- Never in any circumstances
- Yes, without restriction
- Only if her contract allows occupancy by people not party to the lease, and subject to their waiving rights of residence
- Only if the daughter has a Lasting Powers of Attorney in place
- C – See R01 Study Text, Chp 5:2
Grab our taster mock exam paper for CII R01. Click here to download.
- A – See R02 Study Text, Chp 7
Grab our taster mock exam paper for CII R02. Click here to download.
- A – See R03 Study Text, Chp 8
Grab our taster mock exam paper for CII R03. Click here to download.
- C – See R04 Study Text, Chp 4
Grab our taster mock exam paper for CII R04 Click here to download.
- C – See ER1 Study Text, Chp 6
Grab our taster mock exam paper for CII ER1. 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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