Unit 8: Part 3 Finalissimo

Question 1

ISAs are  only available to British adults

Accepted Answer

false

Answer

true

Question 2

ISAs are available only to every adult resident in the UK

Accepted Answer

false

Answer

true

Question 3

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

Accepted Answer

true

Question 4

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

Accepted Answer

false

Answer

true

Question 5

What are the criteria  for ISA eligibility?

Accepted Answer

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

Answer

Being over 18

Answer

Being UK residents

Question 6

How old should you be to invest in Cash ISAs?

Accepted Answer

16 or over

Answer

18 or over like stocks and shares or innovative finance

Answer

18 or over but under 40 like for a Lifetime ISA

Answer

no age restriction!

Question 7

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

Accepted Answer

18 or over

Answer

18 or over but under 40

Answer

16 or over

Question 8

ISA= mainly cash investments

Accepted Answer

true

Question 9

ISAs = only Cash Invesments

Accepted Answer

false

Answer

true

Question 10

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

Accepted Answer

false

Answer

true

Question 11

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

Accepted Answer

true

Question 12

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

Accepted Answer

true

Question 13

ISAs can offer value for money

Accepted Answer

true

Question 14

ISAs always offer value for money

Accepted Answer

false

Answer

true

Question 15

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

Accepted Answer

true

Question 16

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

Accepted Answer

true

Question 17

ISAs are conservative investment vehicles

Accepted Answer

false

Answer

true

Question 18

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

Accepted Answer

true

Question 19

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

Accepted Answer

the child in whose name the ISA has been set up

Answer

the adult that has set up the ISA

Answer

both

Question 20

ISAs accounts are transferable

Accepted Answer

false

Answer

true

Question 21

ISAs allowances are reviewed

Accepted Answer

every financial year

Answer

every year

Question 22

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

Accepted Answer

true

Question 23

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

Accepted Answer

false

Answer

true

Question 24

Capital Gain Tax ranges from 18% to 28% of_____________________

Accepted Answer

the gain

Answer

the total sale price

Question 25

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

Accepted Answer

xceed

Accepted Answer

person

Accepted Answer

.

Question 26

In the UK, you are liable for taxes on __________

Accepted Answer

wealth, income and inheritance

Answer

wealth, health and income

Answer

wealth and income

Question 27

Income Tax includes income from [blank_start]freelance work[blank_end], [blank_start]property income[blank_end], income on [blank_start]savings[blank_end] and [blank_start]wages[blank_end]

Accepted Answer

freelance work

Accepted Answer

property income

Accepted Answer

savings

Accepted Answer

wages

Answer

full time work

Answer

only rental income

Answer

investments only

Answer

regular wages

Question 28

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

Accepted Answer

true

Question 29

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

Accepted Answer

false

Answer

true

Question 30

Dividends are

Accepted Answer

taxed separately via dividend tax

Answer

taxed as part of your income tax

Question 31

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

Accepted Answer

your room rental allowance £7500 a year

Answer

your income tax

Answer

your capital gain tax

Question 32

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

Accepted Answer

true

Question 33

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

Accepted Answer

false

Answer

true

Question 34

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

Accepted Answer

false

Answer

true

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Unit 8: Part 3 Finalissimo

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	Created by cecilia valente over 3 years ago