最新の無料CIMAPRA19-F03-1効率的問題集をダウンロード2023年06月27日更新された346問がある
CIMA CIMAPRA19-F03-1試験練習テスト解答
CIMAPRA19-F03-1試験は、戦略的財務管理、リスク管理、および投資決定の3つのセクションに分かれています。試験の各セクションは、候補者が金融理論とモデルを現実のシナリオに適用できる能力をテストするように設計されています。試験は、候補者が金融データを分析し、適切な金融決定をするために複数選択問題から構成されています。
質問 # 160
A venture capitalist invests in a company by means of buying:
* 9 million shares for $2 a share and
* 8% bonds with a nominal value of $2 million, repayable at par in 3 years' time.
The venture capitalist expects a return on the equity portion of the investment of at least 20% a year on a compound basis over the first 3 years of the investment.
The company has 10 million shares in issue.
What is the minimum total equity value for the company in 3 years' time required to satisify the venture capitalist's expected return?
Give your answer to the nearest $ million.
$ million.
- A. 34, 35, 34000000, 35000000
- B. 35, 35, 34000000, 35000000
正解：A
質問 # 161
Country X's short-term interest rates are slightly higher than its long-term rates. Which THREE of the following statements are correct?
- A. Interest rates will definitely fall.
- B. This difference may reverse.
- C. Country X's currency is expected to strengthen in the long-term.
- D. A long-term borrower would save by taking out a short-term loan and then refinancing
- E. Interest rates are expected to fall.
正解：B、C、D
質問 # 162
A manufacturing company based in Country R. where the currency is the R$, has an objective of maintaining an operating profit margin of at least 10% each year
Relevant data:
* The company makes sales to Country S whose currency is the SS It also makes sales to Country T whose currency is the T$ " All purchases are from Country U whose currency is the US.
* The settlement of an transactions is in the currency of the customer or supplier
Which of the following changes would be most likely to help the company achieve its objective?
- A. The T$ weakens against the R$ over time
- B. The R$ weakens against the U$ over time
- C. The R$ strengthens against the S$ over time.
- D. The R$ strengthens against the U$ over time.
正解：D
質問 # 163
A company's annual dividend has grown steadily at an annual rate of 3% for many years. It has a cost of equity of 11%. The share price is presently $64.38.
The company is about to announce its latest dividend, which is expected to be $5.00 per share.
The Board of Directors is considering an attractive investment opportunity that would have to be funded by reducing the dividend to $4.50 per share. The board expects the project to enable future dividends to grow by 5% every year and the cost of equity to remain unchanged.
Calculate the change in share price, assuming that the directors announce their intention to proceed with this investment opportunity.
Give your answer to 2 decimal places.
$ ?
- A. 14.37
- B. 14.38
正解：A
質問 # 164
CI IJ has decided to move its production plant to overseas country X.
This would make the product cheaper to produce. The technology used to make the product is very advanced and some of the skilled staff would have to move to country X.
The Production Director has identified that there are some political risks in moving to county X.
For each of the political risks of moving to country X shown below, select the correct method for reducing the risk.
正解：
解説：
質問 # 165
A company plans to raise S15 million to finance an expansion project using a rights issue Relevant data
* Shares will be offered at a 20% discount to the present market price of S12 50 per share
* There are currently 3 million shares in issue
* The project is forecast to yield a positive NPV of $9 million
What is the yield-adjusted Theoretical Ex-Rights Price following the announcement of the rights issue?
- A. $9.50
- B. $11 25
- C. $11.67
- D. $13.67
正解：C
質問 # 166
Using the CAPM, the expected return for a company is 11%. The market return is 8% and the risk free rate is
2%.
What does the beta factor used in this calculation indicate about the risk of the company?
- A. It has greater risk than the average market risk.
- B. It has lower risk than the average market risk.
- C. It has the same risk as the average market risk.
- D. It is not possible to tell from CAPM.
正解：A
質問 # 167
Company A plans to acquire Company B, an unlisted company which has been in business for 3 years.
It has incurred losses in its first 3 years but is expected to become highly profitable in the near future.
No listed companies in the country operate the same business field as Company B, a unique new high-risk business process.
The future success of the process and hence the future growth rate in earnings and dividends is difficult to determine.
Company A is assessing the validity of using the dividend growth method to value Company B.
Which THREE of the following are weaknesses of using the dividend growth model to value an unlisted company such as Company B?
- A. The future growth rate in earnings and dividends will be difficult to accurately determine.
- B. The dividend growth model does not take the time value of money into consideration.
- C. The company has been unprofitable to date and hence, there is no established dividend payment pattern.
- D. The cost of capital will be difficult to estimate.
- E. The future projected dividend stream is used as the basis for the valuation.
正解：A、D、E
質問 # 168
Company E is a listed company. Its directors are valuing a smaller listed company, Company F, as a possible acquisition.
The two companies operate in the same markets and have the same business risk.
Relevant data on the two companies is as follows:
Both companies are wholly equity financed and both pay corporate tax at 30%.
The directors of Company E believe they can "bootstrap" Company F's earnings to improve performance.
Calculate the maximum price that Company E should offer to Company F's shareholders to acquire the company.
Give your answer to the nearest $million.
- A. 4,500
- B. 1,890
- C. 3,150
- D. 2,700
正解：C
質問 # 169
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 replacement capital expenditure
- B. Deducting $400 million for the value of the company's corporate bond.
- C. Using the company's weighted average cost of capital to discount cash flows attributable to shareholders.
- D. Including retained earnings from the Statement of Financial Position.
- E. Using cash flows to equity rather than expected dividends as the initial cash flows.
正解：A、C、D
質問 # 170
A company plans to raise $12 million to finance an expansion project using a rights issue.
Relevant data:
* Shares will be offered at a 20% discount to the present market price of $15.00 per share.
* There are currently 2 million shares in issue.
* The project is forecast to yield a positive NPV of $6 million.
What is the yield-adjusted Theoretical Ex-Rights Price following the announcement of the rights issue?
- A. $16.00
- B. $11.00
- C. $14.00
- D. $9.00
正解：A
解説：
Explanation
Calc_Set3
質問 # 171
Company A is a listed company that produces pottery goods which it sells throughout Europe. The pottery is then delivered to a network of self employed artists who are contracted to paint the pottery in their own homes. Finished goods are distributed by network of sales agents.The directors of Company A are now considering acquiring one or more smaller companies by means of vertical integration to improve profit margins.
Advise the Board of Company A which of the following acquisitions is most likely to achieve the stated aim of vertical integration?
- A. A company in a similar market to Company A.
- B. A company that produces accessories.
- C. A listed international logistics firm.
- D. A pottery factory in the Middle East.
正解：C
質問 # 172
A listed company in a high technology industry has decided to value its intellectual capital using the Calculated Intangible Value method (CIV).
Relevant data for the company:
* Pays corporate income tax at 30%
* Cost of equity is 9%, pre-tax cost of debt is 7% and the WACC is 8%
* The value spread has been calculated as $26 million
Calculate the CIV for the company.
- A. 228 million
- B. 531 million
- C. 289 million
- D. 325 million
正解：A
質問 # 173
A listed company is planning a share repurchase.
The following data applies:
* There are 10 million shares in issue
* The share repurchase will involve buying back 20% of the shares at a price of $0.75
* The company is holding $2 million cash
* Earnings for the current year ended are $2 million
The Directors are concerned about the impact that this repurchase programme will have on the company's cash balance and current year earnings per share (EPS) ratio.
Advise the directors which of the following statements is correct?
- A. The cash balance will decrease by 20% and the EPS will increase by 25%.
- B. The cash balance will decrease by 75% and EPS will decrease by 25%.
- C. The cash balance will decrease by 75% and EPS will increase by 25%.
- D. The cash balance will decrease by 20% and the EPS will decrease by 25%.
正解：C
質問 # 174
A company intends to sell one of its business units, Company R by a management buyout (MBO).
A selling price of $100 million has been agreed.
The managers are discussing with a bank and a venture capital company (VCC) the following financing proposal:
The VCC requires a minimum return on its equity investment in the MBO of 30% a year on a compound basis over 5 years.
What is the minimum TOTAL equity value of Company R in 5 years time in order to meet the VCC's required return?
Give your answer to one decimal place.
正解：
解説：
$ ? million
111.4, 111, 111.0, 111.1, 111.2, 111.3, 111.5, 111.6, 111.7
質問 # 175
Select the most appropriate divided for each of the following statements:
正解：
解説：
質問 # 176
A company is considering the issue of a convertible bond compared to a straight bond issue (non-convertible bond).
Director A is concerned that issuing a convertible bond will upset the shareholders for the following reasons:
* it will dilute their control
* the interest payments will be higher therefore reducing liquidity
* it will increase the gearing ratio therefore increasing financial risk
Director B disagrees, and is preparing a board paper to promote the issue of the convertible bond rather than a non-convertible.
Advise the Director B which THREE of the following statements should be included in his board paper to promote the issue of the convertible bond?
- A. Issuing a convertible bond will have a more favourable impact on the gearing ratio than a non-convertible bond.
- B. The convertible bond may not dilute control as the bond holder has an option to choose conversion.
- C. Over the life of the bond, a convertible will be more expensive than a non-convertible.
- D. When converted into shares, the company will receive a cash inflow which can be used for future investments.
- E. The coupon rate on the convertible bond will be lower than that on a non-convertible bond.
正解：A、B、E
質問 # 177
A company is financed by debt and equity and pays corporate income tax at 20%.
Its main objective is the maximisation of shareholder wealth.
It needs to raise $200 million to undertake a project with a positive NPV of $10 million.
The company is considering three options:
* A rights issue.
* A bond issue.
* A combination of both at the current debt to equity ratio.
Estimations of the market values of debt and equity both before and after the adoption of the project have been calculated, based upon Modigliani and Miller's capital theory with tax, and are shown below:
Under Modigliani and Miller's capital theory with tax, what is the increase in shareholder wealth?
- A. $10 million irrespective of finance
- B. $160 million if financed by a mixture of debt and equity
- C. $210 million if financed by equity
- D. $50 million if financed by debt
正解：D
質問 # 178
A listed company is financed by debt and equity.
If it increases the proportion of debt in its capital structure it would be in danger of breaching a debt covenant imposed by one of its lenders.
The following data is relevant:
The company now requires $800 million additional funding for a major expansion programme.
Which of the following is the most appropriate as a source of finance for this expansion programme?
- A. Private placement of a bond
- B. Bank overdraft
- C. Rights issue
- D. Retained earnings
正解：C
質問 # 179
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