Complying with Changes in Legislation 2015
August 2016
Self-assessment Questions and Answers

The views expressed in this document are not necessarily those of the Fasset Seta.

Instructions

Read each question carefully and then write the correct answer next to the question.Each question has only one correct answer.

1) / Financial Intelligence Centre Act: A person convicted of an offence under FICA is?
a. / Liable to a fine not exceeding R 100 million
b. / Liable to a fine not exceeding R 10 million
c. / Liable to a fine not exceeding R 150 million
d. / Liable to a fine not exceeding R 50 million
e. / Liable to a fine not exceeding R 15 million
2) / Financial Intelligence Centre Act: Accountable institutions include?
a. / Attorneys
b. / Estate agents
c. / Financial services providers
d. / Businesses dealing in foreign exchange
e. / All of the above
3) / Financial Intelligence Centre Act: Domestic prominent influential person definition does not include?
a. / A leader of a political party
b. / A municipal manager
c. / The premier of a province
d. / A constitutional court judge
e. / None of the above
4) / Prevention of Organised Crime Act: The new offence relating to essential infrastructure carries a penalty of?
a. / Imprisonment not exceeding 10 years
b. / Imprisonment not exceeding 20 years
c. / Imprisonment not exceeding 30 years
d. / Imprisonment not exceeding 40 years
e. / Imprisonment not exceeding 50 years
5) / National Credit Act: The Act does not cover credit agreements entered into by juristic persons whose asset value or turnover exceeds which of the following amounts?
a. / R 5 million
b. / R 3 million
c. / R 1 million
d. / R 4 million
e. / R 8 million
6) / National Credit Act: A debt relating to a credit card account prescribes if a creditor does not start civil proceedings in a court to recover the debt within how many years of the last payment?
a. / Within 2 years
b. / Within 3 years
c. / Within 4 years
d. / Within 5 years
e. / Within 6 years
7) / Consumer Protection Act: The Consumer Goods and Services Ombud commits to resolving a complaint within?
a. / 15 business days
b. / 30 business days
c. / 45 business days
d. / 60 business days
e. / None of the above
8) / Consumer Protection Act: The Consumer Goods and Services Industry Ombud has been launched in terms of which certain annual fees must be paid by a participant, a participant falling into Group 5 must pay an annual fee of which of the following?
a. / R1 500
b. / R3 000
c. / R50 000
d. / R150 000
e. / R250000
9) / Protection of Personal Information Act: Personal information includes which of the following?
a. / Identity document
b. / Blood type
c. / Religion
d. / Mental health
e. / All of the above
10) / Protection of Personal Information Act: In certain instances, administrative fines of up to how much may be imposed?
a. / R 5 million
b. / R 10 million
c. / R 15 million
d. / R 20 million
e. / R 25 million
11) / National Credit Act: As from 11 May 2016, the monetary threshold for registration as a credit provider is?
a. / RNil
b. / R500000
c. / R1000 000
d. / R2000 000
e. / R25 000
12) / Company secretarial: The section dealing with auditor rotation, section 92 was effective as from?
a. / 1 May 2013
b. / 1 January 2014
c. / 1 May 2011
d. / 1 January 2015
e. / 31 December 2011
13) / Company secretarial: Companies must file their annual returns within how many business days after the anniversary date of incorporation?
a. / 10
b. / 20
c. / 30
d. / 40
e. / 50
14) / Company secretarial: A Reportable irregularity relating to independent reviews must be communicated to the company Board within how many days of notifying the Commission?
a. / 3 business days
b. / 5 business days
c. / 7 business days
d. / 9 business days
e. / 11 business days
15) / The Community Schemes Ombud Services Act: Individual units within a community scheme with a total property value not exceeding which amount, in terms of the municipal valuation roll are entitled to a 100% percentage waiver of the levies?
a. / R400 000
b. / R500 000
c. / R600 000
d. / R700 000
e. / R800 000
16) / The Community Schemes Ombud Services Act: The minimum amount of the required fidelity insurance cover is the total value of which percentage,of the community scheme's operational budget for its current financial year?
a. / 15%
b. / 20%
c. / 25%
d. / 30%
e. / 35%
17) / Labour Laws Amendment Bill: An employee who is an adoptive parent of a child who is younger than two years is entitled to adoption leave of?
a. / 8 weeks
b. / 10 weeks
c. / 14 days
d. / 30 days
e. / 12 weeks
18) / Labour Laws Amendment Bill: How much parental leave will be granted when an employee’s child is born or when an adoption order is granted to the employee?
a. / 3 consecutive days
b. / 10 consecutive days
c. / 25 consecutive days
d. / 15 consecutive days
e. / 5 consecutive days
19) / Unemployment Insurance Amendment Bill version B 2015: The Amendment Bill proposes to include which of the following in the payment of UIF contributions?
a. / Learners in accredited learnership agreements
b. / Public sector employees
c. / Employees entering SA on contract if upon completion of contract, that employee will go back to country of origin
d. / Employees entering SA on apprenticeship if upon completion of apprenticeship, that employee will go back to country of origin
e. / All of the above
20) / King IV on corporate governance: The approach of King IV is one of?
a. / Apply or explain
b. / Comply or explain
c. / Apply and explain
d. / Comply and explain
e. / Apply

Answers

A
E
E
C
C
B
D
A
E
B
A
C
C
A
B
C
B
B
E
C
Complying with Changes in Legislation – August 2016 / / 1