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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

Drag and drop to complete the 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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