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Unit 8: Part 3 Finalissimo

Question 1 of 5

1

ISAs are only available to British adults

Select one of the following:

  • True
  • False

Explanation

Question 2 of 5

1

ISAs are available only to every adult resident in the UK

Select one of the following:

  • True
  • False

Explanation

Question 3 of 5

1

ISAs are available to every adult and child resident in the UK

Select one of the following:

  • True
  • False

Explanation

Question 4 of 5

1

Children are allowed to save into ISAS but they can only put money in Cash ISAs

Select one of the following:

  • True
  • False

Explanation

Question 5 of 5

1

What are the criteria for ISA eligibility?

Select one of the following:

  • Being over 18

  • Being UK residents

  • Being a UK resident and there are age restrictions depending on the ISA product

Explanation

Question 6 of 5

1

How old should you be to invest in Cash ISAs?

Select one of the following:

  • 16 or over

  • 18 or over like stocks and shares or innovative finance

  • 18 or over but under 40 like for a Lifetime ISA

  • no age restriction!

Explanation

Question 7 of 5

1

How old should you be to subscribe to a stocks and shares ISAs?

Select one of the following:

  • 18 or over but under 40

  • 18 or over

  • 16 or over

Explanation

Question 8 of 5

1

ISA= mainly cash investments

Select one of the following:

  • True
  • False

Explanation

Question 9 of 5

1

ISAs = only Cash Invesments

Select one of the following:

  • True
  • False

Explanation

Question 10 of 5

1

Eligible savers over 16 can save/invest up to £9k a year in an ISA.

Select one of the following:

  • True
  • False

Explanation

Question 11 of 5

1

Eligible savers can save/invest up to £9k a year in an ISA on behalf of a child.

Select one of the following:

  • True
  • False

Explanation

Question 12 of 5

1

Eligible savers can save/invest up to £20k a year in an ISA.

Select one of the following:

  • True
  • False

Explanation

Question 13 of 5

1

ISAs can offer value for money

Select one of the following:

  • True
  • False

Explanation

Question 14 of 5

1

ISAs always offer value for money

Select one of the following:

  • True
  • False

Explanation

Question 15 of 5

1

Investors can claim a tax allowance of up to £1,000 a year on their savings/investments' profits

Select one of the following:

  • True
  • False

Explanation

Question 16 of 5

1

Investors who are basic tax payers can claim a tax break of up to £1,000 a year on their savings/investments' profits

Select one of the following:

  • True
  • False

Explanation

Question 17 of 5

1

ISAs are conservative investment vehicles

Select one of the following:

  • True
  • False

Explanation

Question 18 of 5

1

Junior ISAs include both Cash and Stocks and Shares products but not Alternative Finance

Select one of the following:

  • True
  • False

Explanation

Question 19 of 5

1

The owner of the money invested in a Junior ISA account belong to

Select one of the following:

  • the child in whose name the ISA has been set up

  • the adult that has set up the ISA

  • both

Explanation

Question 20 of 5

1

ISAs accounts are transferable

Select one of the following:

  • True
  • False

Explanation

Question 21 of 5

1

ISAs allowances are reviewed

Select one of the following:

  • every year

  • every financial year

Explanation

Question 22 of 5

1

If you sell your main home, you are exempt from Capital Gain Tax

Select one of the following:

  • True
  • False

Explanation

Question 23 of 5

1

If you sell you a house you bought just to post a profit, you are capital gain tax exempt

Select one of the following:

  • True
  • False

Explanation

Question 24 of 5

1

Capital Gain Tax ranges from 18% to 28% of_____________________

Select one of the following:

  • the gain

  • the total sale price

Explanation

Question 25 of 5

1

Fill the blank spaces to complete the text.

You only have to pay capital gains tax on gains that e your annual allowance. The tax-free allowance is currently £12,300 per in 2021-2022

Explanation

Question 26 of 5

1

In the UK, you are liable for taxes on __________

Select one of the following:

  • wealth, income and inheritance

  • wealth, health and income

  • wealth and income

Explanation

Question 27 of 5

1

Income Tax includes income from , , income on and

Select option below to complete the highlighted text

    freelance work
    full time work
    property income
    only rental income
    savings
    investments only
    wages
    regular wages

Explanation

Question 28 of 5

1

From the tax point of view, it is more lucrative to rent a room in your own house because of the size of the tax allowance

Select one of the following:

  • True
  • False

Explanation

Question 29 of 5

1

From the tax point of view, it is more lucrative to rent a room in your second home house because of the size of the tax allowance

Select one of the following:

  • True
  • False

Explanation

Question 30 of 5

1

Dividends are

Select one of the following:

  • taxed separately via dividend tax

  • taxed as part of your income tax

Explanation

Question 31 of 5

1

Rental paid on a room in your own house (where you live) counts towards

Select one of the following:

  • your room rental allowance £7500 a year

  • your income tax

  • your capital gain tax

Explanation

Question 32 of 5

1

Rental paid on a room in your own house (where you live) counts towards towards your room rental allowance which is £7500 per financial year

Select one of the following:

  • True
  • False

Explanation

Question 33 of 5

1

Rental paid on a room in your own house (where you live) counts towards towards your room rental allowance which is £7200 per financial year

Select one of the following:

  • True
  • False

Explanation

Question 34 of 5

1

There is no allowance on dividends earn with your investments. Whatever you make is taxed

Select one of the following:

  • True
  • False

Explanation

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