The Compliance Conundrum Quiz is a compliance quiz consisting of 50 randomly generated questions that are populated automatically, each day. There is a time limit of 1 hour and the quiz will automatically finalise and submit when the time runs out.
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#1. In a contentious case, the VAT tax point will be the date of the invoice, provided the invoice is issued within how long after the work is completed?
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#2. You purchased a computer for £800.00. You sold it for £1,000.00. You purchased it again for £1,100.00. You sold it again for £1,300.00
What is the profit/(loss)?
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#3. The practice-wide risk assessment will be required by the SRA as one of the most important pieces of documentation in relation to AML. It is a living document and should be updated:
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#4. What is the definition of 'costs' within the SRA Glossary?
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#5. When dealing with residual balances, instead of recording the payment to the charity from the client’s ledger, your firm moves the residual balance to a ledger in the name of the charity. The payment is then recorded and made from that ledger every six months.
Is this a breach of the SRA Accounts Rules?
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#6. One of the equity partners of your firm is selling a property she owns solely. There is no mortgage on the property. She has asked for the sale proceeds to be sent to the firm and has asked you what bank account details she should provide to the other side solicitors.
You inform her to provide the:
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#7. You're acting for a client in respect of their divorce. The client is a US Forces personnel living in England on a three year term of duty. The client has a permanent address in the US.
Are your services subject to output VAT?
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#8. Which of the following are NOT taxable VAT rates? *
Select all that apply:
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#9. The best leaders have one type of leadership style and stick to it consistently
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#10. If the NCA refuse to give us a DAML on day five of the notice period, we enter into what is known as the moratorium period which is up to:
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#11. The Legal Omsbudsman has the power to award compensation when a client wins their case. What is the highest figure the Legal Ombudsman can award?
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#12. If client money is legitimately retained for a specified reason, are you required to regularly update the client?
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#13. A ‘Disbursement for VAT Purposes’ is:
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#14. Which of the following is the best description for relationship conflict?
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#15. You have paid a disbursement from the business account and now have sufficient money held in the client account towards it.
Are you required to send the client a bill or other written notification of costs prior to transferring the money from the client account to the business account?
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#16. What is the name given to VAT that you reclaim on your purchases?
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#17. When the SRA have contacted you and confirmed a date for an AML visit you will need to send the requested documents to them usually within:
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#18. Which 2 options below are most likely to be reasons for deciding if a breach is serious?
Select all that apply:
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#19. You're acting for a client whose place of belonging is Jersey. You have instructed a UK barrister on behalf of the client. The barrister has issued you with a VAT invoice addressed to your firm and has charged you £2,000 plus VAT.
When billed to the client, you would treat the cost as:
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#20. Transparency Rule 4.1 covers the digital badge (sometimes called the clickable logo) which shows any website visitors that your firm is regulated and it gives them a link to the protection that provides. How will a website visitor know if the logo on your website is valid?
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#21. The main purpose of delegation is to:
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#22. You’re firm is acting for the executors in dealing with the administration of a deceased person’s estate and have sent a bill to the executors, together with the estate accounts for approval. You have asked the solicitor that is acting if you can transfer costs from the client account to the business account to discharge the bill in full. The solicitor has replied “no, as costs are not properly due”.
Is this a breach of SRA Accounts Rule 4.2?
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#23. What does MLRO stand for?
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#24. Your firm is acting for a client in respect of a purchase of a residential property. The lawyer applies for an OS1 search direct from the Land Registry. The search result reveals that there has been alterations made to the register since the date the Official Copies were produced by way of a restriction. The lawyer advises the client on the results of the search.
When billed to the client, you would treat the cost as:
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#25. If client money is legitimately retained for a specified reason, are you required to regularly update the client?
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#26. What is the name given to the VAT that is due on your taxable supplies i.e your fees/expenses and vatable disbursements?
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#27. A 'Statement of Costs On Account' bill is:
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#28. The petty cash tin is another form of business/office bank account?
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#29. The three principle money laundering offences are found in the Proceeds of Crime Act 2002 (POCA). In which sections can we find these offences:
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#30. You've pursued a bad debt through the court. The court has awarded you costs and interest. Do you:
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#31. The MLRO will receive internal suspicious activity reports and then make their report, if necessary, to:
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#32. What is the name given to the cash flow method where the cash flow forecast predicts when cash will be coming in and out of the business at specific points in time i.e. the exact day or week in a month?
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#33. You're acting for client in a land dispute case where the client has taken action against a deceased's estate to secure title to a property they own. The client's place of belonging is the USA. The disputed land is the UK. You draft an invoice for £2,000.00. What VAT rate do you apply to your supply?
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#34. You've taken a debit card payment from a client for money on account of search fees. The card used is for a personal bank account. A partner of your firm would like to recharge the costs incurred in taking the card payment on to the client.
Is it permissible to pass the costs of taking the card payment on to the client?
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#35. A "qualified" accountant's report means:
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#36. How is the 'Current Ratio' (which is sometimes also called Working Capital Ratio) calculated?
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#37. Emotional Intelligence means:
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#38. The bank has offered you a fixed term, high interest, client account. You would need to place £2 million in the account for a fixed term of 1 year to obtain the rate.
Is this permissible?
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#39. Your firm prepare a lot of wills and fixed fee interviews as one-off transactions for clients. However, instead of opening an individual client ledger for each client, you have a general ledger on which you record the details of each client and the costs received.
Is this a breach of the SRA Accounts Rules?
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#40. When building a team, effective leaders:
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#41. Normal VAT Tax Point (time of supply) rules apply to Legal Aid work?
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#42. A cyber-attack cannot be reported by the COFA as it is not mentioned in the SRA Accounts Rules and is unlikely to result in a serious breach under the SRA Accounts Rules?
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#43. You receive an invoice from an overseas supplier for £100 (without VAT) but you would have been charged £20.00 VAT if you'd used a UK supplier.
What figures would you need to put on your VAT return and in what boxes would you put them?
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#44. The Money Laundering Regulations 2017 (MLR) made it a legal requirement that all regulated businesses must have a firm-wide/practice wide risk assessment on AML and CTF. Which regulation does this fall under:
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#45. To be valid for VAT purposes a credit note must be issued within:
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#46. A bill of costs must be signed by a partner/director or member?
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#47. Most law firms now use electronic ID and verification tools as part of their client onboarding. These tools are there to help you:
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#48. You have instructed an interpreter in order for your client to be able to communicate with you or to enable your client to understand Court proceedings. The cost of the interpreter is being passed on to the client. When billed, the cost is:
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#49. In law firms that are transactional, the MLRO will submit suspicious activity reports often asking for a Defence Against Money Laundering (DAML) or consent to proceed. When they have been received the NCA have how many days to respond (notice period):
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#50. Which one of of the following statements is correct?
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