[完全版]2024年最新のPassTest F3のPDFで最近更新された問題です
F3試験には保証が付きます。更新されたのは346問があります
CIMA CIMAPRA19-F03-1（F3 Financial Strategy）認証を達成することは、財務戦略と管理に関する専門知識を実証するため、金融の専門家にとって重要な成果です。この認定は、世界中の雇用主によって認識されており、キャリアの進歩の機会、給与の増加、および雇用保障の増加につながる可能性があります。
質問 # 51
A company has:
* $7 million market value of equity
* $5 million market value of debt
* WACC of 9.375%
* Corporate income tax rate of 15%
According to Modigliani and Miller's theory of capital structure with tax, what is the ungeared cost of equity?
- A. 8.79%
- B. 10.27%
- C. 10.00%
- D. 14.52%
正解：C
質問 # 52
Extracts from a company's profit forecast for the next financial year is as follows:
Since preparing the forecast, the company has decided to return surplus cash to shareholders by a share repurchase arrangement.
The share repurchase would result in the company purchasing 20% of the 2,000 million ordinary shares currently in issue and cancelling them.
Assuming the share repurchase went ahead, the impact on the company's forecast earnings per share will be an increase of:
- A. $0,100
- B. $0,050
- C. $0,075
- D. $0,125
正解：B
質問 # 53
A company wishes to raise new finance using a rights issue. The following data applies:
* There are 10 million shares in issue with a market value of $4 each
* The terms of the rights will be 1 new share for 4 existing shares held
* After the rights issue, the theoretical ex-rights price (TERP) will be $3.80 Assuming all shareholders take up their rights, how much new finance will be raised ?
Give your answer to one decimal place.
$ ? million
正解：
解説：
7.5, 7.50
質問 # 54
On 1 January:
* Company X has a value of $50 million
* Company Y has a value of $20 million
* Both companies are wholly equity financed
Company X plans to take over Company Y by means of a share exchange. Following the acquisition the post-tax cashflow of Company X for the foreseeable future is estimated to be $8 million each year. The post-acquisition cost of equity is expected to be 10%.
What is the best estimate of the value of the synergy that would arise from the acquisition?
- A. $100 million
- B. $30 million
- C. $60 million
- D. $10 million
正解：D
質問 # 55
Company AEE has a 10 year 6% corporate bond in issue which has a nominal value of $400 million, which is currently trading at 95%. The bond is secured on the company's property
The Board of Directors has calculated the equity value of Company AEE as follows;
Which THREE of the following are errors in the valuation?
- A. Deducting $400 million for the value of the company's corporate bond.
- B. Deducting replacement capital expenditure
- C. Using cash flows to equity rather than expected dividends as the initial cash flows.
- D. Including retained earnings from the Statement of Financial Position.
- E. Using the company's weighted average cost of capital to discount cash flows attributable to shareholders.
正解：B、D、E
質問 # 56
A venture capitalist has made an equity investment in a private company and is evaluating possible methods by which it can exit the investment over the next 3 years. The private company shareholders comprise the four original founders and the venture capitalist.
Advise the venture capitalist which THREE of the following methods will enable it to exit its equity investment?
- A. The private company buys back the equity shares.
- B. Trade sale of shares to an external 3rd party.
- C. The private company obtains a stock market listing.
- D. The private company conducts a stock split of its share capital.
- E. The private company undertakes a 1 for 4 rights issue.
正解：A、B、C
質問 # 57
A profitable company wishes to dispose of a loss-making division that generated negative free cashflow in the last financial year.
The division requires significant new investment to return it to profitability.
Which of the following valuation approaches is likely to be the most useful to the company when negotiating the sales price?
- A. Dividend growth model
- B. Asset basis
- C. P/E ratio applied to forecast earnings next year
- D. Discounted forecast free cashflow
正解：D
質問 # 58
Company A is a large well-established listed entertainment company and Company B is a small unlisted company specializing in providing online media streaming.
Company A has a gearing ratio of 60% (using book values) and interest cover of 2.
Company A is considering making an offer for Company B, either a cash offer financial by raising additional debt finance or a share-for-share exchange.
Which of the following is most likely to occur if Company A offers a share-for exchange rather than offering cash finance by raising debt?
- A. Gearing would be lower.
- B. There would be no dilution f of control.
- C. Divided per share would be higher.
- D. Earnings per share would be higher.
正解：A
質問 # 59
Which THREE of the following are likely to be strategic reasons for a horizontal acquisition?
- A. To secure key parts of the value chain
- B. Acquisition of an undervalued company
- C. Reduction of risk by building a larger portfolio
- D. To achieve economies of scale
- E. Reduction of competition
正解：B、D、E
質問 # 60
A company generates and distributes electricity and gas to households and businesses.
Forecast results for the next financial year are as follows:
The Industry Regulator has announced a new price cap of $1.50 per Kilowatt.
The company expects this to cause consumption to rise by 10% but costs would remained unaltered.
The price cap is expected to cause the company's net profit to fall to:
- A. $35.0 million loss
- B. $27.5 million profit
- C. $20.0 million profit
- D. $47.5 million profit
正解：D
質問 # 61
A profit-seeking company intends to acquire another company for a variety of reasons, primarily to enhance shareholder wealth.
Which THREE of the following offer the greatest potential for enhancing shareholder wealth?
- A. Achieving more press coverage for the company.
- B. Creating new opportunities for employees.
- C. Exploiting production synergies.
- D. Elimination of existing competition.
- E. Acquiring Intellectual Property assets.
- F. Achieving greater cultural diversity.
正解：C、D、E
質問 # 62
Company P is a pharmaceutical company listed on an alternative investment market.
The company is developing a new drug which it hopes to market in approximately six years' time.
Company P is owned and managed by a group of doctors who wish to retain control of the company. The company operates from leased laboratories with minimal fixed assets.
Its value comes from the quality of its research staff and their research.
The company currently has one approved drug which generates sufficient cashflow to cover day to day operations but not sufficient for major new research and development.
Company P wish to raise debt finance to develop the new drug.
Recommend which of the following types of debt finance would be most appropriate for Company P to help finance the development of this new drug.
- A. 4% Convertible bond with a conversion ratio of 350 ordinary shares per bond.
- B. 6% Eurobond repayable at par in 5 years' time.
- C. 5% Bond repayable at par in 7 years' time.
- D. 3% Commercial Paper.
正解：A
質問 # 63
A company is wholly equity funded. It has the following relevant data:
* Dividend just paid $4 million
* Dividend growth rate is constant at 5%
* The risk free rate is 4%
* The market premium is 7%
* The company's equity beta factor is 1.2
Calculate the value of the company using the Dividend Growth Model.
Give your answer in $ million to 2 decimal places.
$ ? million
- A. 56.76, 56.76
- B. 56.76, 56.75
正解：B
質問 # 64
Company T is a listed company in the retail sector.
Its current profit before interest and taxation is $5 million.
This level of profit is forecast to be maintainable in future.
Company T has a 10% corporate bond in issue with a nominal value of $10 million.
This currently trades at 90% of its nominal value.
Corporate tax is paid at 20%.
The following information is available:
Which of the following is a reasonable expectation of the equity value in the event of an attempted takeover?
- A. $32.0 million
- B. $50.2 million
- C. $41.6 million
- D. $65.0 million
正解：C
質問 # 65
Company C has received an unwelcome takeover bid from Company P.
Company P is approximately twice the size of Company C based on market capitalisation.
Although the two companies have some common business interests, the main aim of the bid is diversification for Company P.
The offer from Company P is a share exchange of 2 shares in Company P for 3 shares in Company C.
There is a cash alternative of $5.50 for each Company C share.
Company C has substantial cash balances which the directors were planning to use to fund an acquisition.
These plans have not been announced to the market.
The following share price information is relevant. All prices are in $.
Which of the following would be the most appropriate action by Company C's directors following receipt of this hostile bid?
- A. Write to shareholders explaining fully why the company's share price is under valued.
- B. Change the Articles of Association to increase the percentage of shareholder votes required to approve a takeover.
- C. Pay a one-off special dividend.
- D. Refer the bid to the country's competition authorities.
正解：A
質問 # 66
AA is considering changing its capital structure. The following information is currently relevant to AA:
The gearing rating raising the new debt finance will be 50%.
Which THREE of the following statement about the impact of AA's change in capital structure are true under Modigliani and Miler's capital structure theory with tax.
- A. The cost of debt remain unchanged at 4%
- B. The WACC will decrease below 7.6%
- C. The cost of equity will decrease below 10%
- D. The cost of equity will increase above 10%
- E. The WACC increase above 7.6
- F. The cost of debt will increase above 4%
正解：B、E
質問 # 67
......
CIMA CIMAPRA19-F03-1（F3 Financial Strategy）認定試験は、ファイナンス戦略分野でスキルと知識を向上させたいファイナンスプロフェッショナル向けの世界的に認められた認定試験です。この認定試験は、世界中のファイナンスプロフェッショナルにトレーニングと認定プログラムを提供する主要なプロフェッショナル団体であるChartered Institute of Management Accountants（CIMA）によって提供されます。CIMAPRA19-F03-1試験は、戦略的財務管理スキルを開発し、雇用主やクライアントに自分の専門知識を証明したい個人を対象としています。
CIMA F3 認定試験、または F3 Financial Strategy 試験は、個人の財務管理と戦略に関する理解を評価するものです。この試験は、財務管理の原則とこれらの原則を戦略的な文脈で適用する能力を候補者がテストするために設計されています。この試験は、管理会計の分野での主要な資格として世界的に認められている CIMA プロフェッショナル資格の一部です。
最新のF3合格保証付き試験問題集の認定サンプル問題：https://www.passtest.jp/CIMA/F3-shiken.html
F3更新された試験問題集で[2024年最新] 練習には有効な試験問題集：https://drive.google.com/open?id=1lFMdzlX9GQqKrmHK57otNClKV0Ab-i-F