Friday Five – 31 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 2018/19, examinable by the CII until 31 August 2019. They do not relate to tax year 2019/20 which is only examinable by the CII from 1 September 2019.
- What are the three formalities required in making a will?
- Printed writing, typed writing and hand writing.
- Writing, signature and attestation
- Executors, trustees and beneficiaries
- Testator’s signature and two witness signatures
- Why is it regarded as essential to understand how individual investments, portfolio sectors and markets have performed in the past? Tick all that apply.
- To confidently predict future returns
- To assess the competence of fund managers
- To reward investment managers
- To understand investments markets generally
- Bernadette gifted a portfolio of shares to her daughter which at the time was valued at £500,000 after exemptions. Bernadette died 3½ years later, at which time the portfolio was valued at £600,000. How much IHT is payable by Bernadette’s daughter in respect of the gift assuming Bernadette died in this tax year?
- Kamil has been advised that he may be subject to a reduced annual allowance rather than the full £40,000. This is because he has:
- net income of £100,000.
- adjusted income of £155,000.
- threshold income of £90,000.
- gross income of £145,000.
- Kevin is employed and receives sick pay from his employer. This is paid at full pay for six months and then half pay for a further six months. In arranging an income protection policy, he will be able to take out cover based on:
- half pay for months 7 – 12 and full pay from month 13
- half pay from month 7 only
- full pay from month 13 only
- full pay from the start of the policy only
- B – See R01 Study Text, Chp 3
Grab our taster mock exam paper for CII R01. Click here to download.
- BCD – See R02 Study Text, Chp 9
Grab our taster mock exam paper for CII R02. Click here to download.
- D – See R03 Study Text, Chp 4
Grab our taster mock exam paper for CII R03. Click here to download.
- B – See R04 Study Text, Chp 2.1
Grab our taster mock exam paper for CII R04. Click here to download.
- A – 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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