最新 [2024年05月18日]F3試験問題には有効なF3問題集PDF
F3練習テスト問題解答は更新された435問があります
CIMA CIMAPRA19-F03-1試験は、金融分野でキャリアを追求したい個人にとって必須の試験です。財務戦略に関連する幅広いトピックをカバーし、候補者には財務分析、投資審査、リスク管理、および企業金融に関する深い理解を示すことが求められます。この試験に適切に準備することにより、候補者は財務戦略の知識とスキルを向上させ、キャリアでの成功の可能性を高めることができます。
試験は3つのセクションに分かれており、合計60の質問を3時間以内に完了する必要があります。最初のセクションでは、財務管理の原則と技術に関する候補者の知識をテストします。 2番目のセクションでは、組織の全体的な目標をサポートする財務戦略を開発および実施する候補者の能力に焦点を当てています。 3番目の最後のセクションでは、投資管理の原則と技術に関する候補者の知識を評価します。この試験に合格するには、財務管理、戦略的計画、リスク管理、および投資管理の原則を包括的に理解する必要があり、達成するための挑戦的でありながらやりがいのある認証になります。
質問 # 139
The table below shows the forecast for a company's next financial year:
The forecast incorporates the following assumptions:
* 25% of operating costs are variable
* Debt finance comprises a $400 million fixed rate loan at 5%
* Corporate income tax is paid at 25%
The company plans to do the following next year from the forecast earnings on the assumption that earnings will be equivalent to free cash flow:
* Pay a total dividend of $20 million
* Invest $40 million in new projects
What is the maximum % reduction in operating activity that could occur next year before the company's dividend and investment plans are affected?
Give your answer to the nearest 0.1%.
- A. 4.8, 4.7, 4.9, 5.0, 4.6, 4.80, 4.70, 4.90, 5.00, 3.60%
- B. 4.8, 4.7, 4.9, 5.0, 4.6, 4.80, 4.70, 4.90, 5.00, 4.60%
正解：B
質問 # 140
A venture capitalist invests in a company by means of buying
* 6 million shares for $3 a share and
* 7% 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 8 million shares in issue What is the minimum total equity value for the company in 3 years' time required to satisfy the venture capitalist's expected return?
正解：
解説：
Give your answer to the nearest $ million
31
質問 # 141
A company's statement of financial position includes non-current assets which are leased, the tax regime follows the accounting treatment.
Which cash flows should be discounted when evaluating the cost of lease finance?
- A. Lease payments, tax relief on implied interest and tax relief on straight-line account depreciation.
- B. Lease payments and implied interest.
- C. Lease payments and straight-line accounting depreciation.
- D. Lease payments, implied interested and straight-line accounting deprediation.
正解：C
質問 # 142
A company is based in Country Y whose functional currency is YS. It has an investment in Country Z whose functional currency is ZS This year the company expects to generate ZS20 million profit after tax.
Tax Regime
* Corporate income tax rate in Country Y is 60%
* Corporate income tax rate in Country Z Is 30%
* Full double tax relief is available
Assume an exchange rate of YS1 = ZS5
What is the expected profit after tax in YS if the ZS profit is remitted to Country Y?
- A. YS6.67 million
- B. YS57.14 million
- C. YS2 29 million
- D. YS1 60 million
正解：C
質問 # 143
SUP is a large supermarket chain. It produces many 'own brand' goods in Country S where the parent company is located. These goods are sold in SUP's supermarkets in Country S as well as being sold at a 'transfer price' to SUP companies located in foreign countries for sale in the SUP supermarkets located in that country.
Which of the following factors is the most important for SUP from a lax planning and compliance viewpoint when setting prices for the 'own brand' goods sold to other group companies'?
- A. Complying with tax thin capitalisation regulations that apply in both tax jurisdictions.
- B. The price should be much lower than average if the group company that is purchasing the goods has a higher marginal tax rate than the SUP parent company.
- C. The price should be higher than for other group companies if the group company that is purchasing the goods has a higher marginal tax rate than the SUP parent company.
- D. The price should be the same as the price that would be charged by SUP to other, independent, supermarkets that are located in the same foreign country as the group company that requires the goods.
正解：A
質問 # 144
A company raised fixed rate bank finance together with an interest rate swap for the same term and same principal value to pay floating receive fixed rate interest on an annual basis.
Which THREE of the following statements are correct?
- A. LIBID (London Interbank Bid Rate) is normally used as the reference rate for determining interest due under the swap.
- B. The swap contract is normally a contract between a company and a bank.
- C. Under the swap, interest is exchanged every year.
- D. The company has effectively obtained floating rate debt.
- E. On the first day of this arrangement, the company receives the principal borrowed from the bank and pays this across to the swap counterparty.
正解：B、C、D
質問 # 145
Which THREE of the following are the most likely exit routes that apply to a venture capitalist?
- A. Trade sale to another company
- B. Selling back to the original owners
- C. Liquidation of the company
- D. Flotation via a stock market listing
- E. Raising long term debt from the company
正解：A、B、D
質問 # 146
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. $47.5 million profit
- B. $27.5 million profit
- C. $20.0 million profit
- D. $35.0 million loss
正解：A
質問 # 147
A UK company enters into a 5 year borrowing with bank P at a floating rate of GBP Libor plus 3% It simultaneously enters into an interest rate swap with bank Q at 4.5% fixed against GBP Libor plus 1.5% What is the hedged borrowing rate, taking the borrowing and swap into account?
Give your answer to 1 decimal place.
正解：
解説：
7.5%
質問 # 148
A company is planning to repurchase some of its shares. Relevant details are as follows:
* 100 million shares in issue
* Current share price $5
* 5 million shares to be repurchased
* 10% repurchase premium
* Repurchased shares to be cancelled
What would you expect the share price after the repurchase to be?
Give your answer to two decimal places.
$ ?
- A. 4.97, 4.98
- B. 4.97, 3.98
正解：A
質問 # 149
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 $.
Which of the following would be the most appropriate action by Company C's directors following receipt of this hostile bid?
- A. Write to shareholders explaining fully why the company's share price is under valued.
- B. Change the Articles of Association to increase the percentage of shareholder votes required to approve a takeover.
- C. Pay a one-off special dividend.
- D. Refer the bid to the country's competition authorities.
正解：A
質問 # 150
A private company manufactures goods for export, the goods are priced in foreign currency B$.
The company is partly owned by members of the founding family and partly by a venture capitalist who is helping to grow the business rapidly in preparation for a planned listing in three years' time.
The company therefore has significant long term exposure to the B$.
This exposure is hedged up to 24 months into the future based on highly probable forecast future revenue streams.
The company does not apply hedge accounting and this has led to high volatility in reported earnings.
Which of the following best explains why external consultants have recently advised the company to apply hedge accounting?
- A. To provide a more appropriate earnings figure for use in calculating the annual dividend.
- B. To ensure that the venture capitalist receives regular annual returns on its investment.
- C. To make it easier for the market to value the business when it is listed on the Stock Exchange.
- D. To fully adopt IFRS in preparation for listing the company.
正解：C
質問 # 151
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 # 152
Which THREE of the following statements are correct?
- A. Systematic risk can be eliminated in a diversified portfolio.
- B. A portfolio can be diversified by increasing the number of securities in different industries held in the portfolio.
- C. A beta of 1 indicates that the investment is risk free.
- D. The security market line (SML) shows the relationship between systematic risk and return.
- E. The beta of a company's shares reflects systematic risk.
正解：B、D、E
質問 # 153
PTT has a number of subsidiary companies around the world, including FTT based in Europe and CTT based in Indonesia
CTT purchases all of us raw materials from FTT CTT processes these materials and the resulting products are exported to several different countries CTT pays FTT in the Indonesian currency.
Indonesia's inflation is higher than that of FTTs home country
Which of the following statements are correct?
Select ALL that apply
- A. FTT could ask for ail payments to K to be made in its home currency, which would reduce exposure to currency risk
- B. FTT will be exposed to transaction risks as the Indonesian currency will appreciate over time because of the expected inflation rates
- C. FTT will be exposed to transaction risk The Indonesian currency that it receives Is likely to decline over time because of anticipated inflation
- D. FTT could investigate whether it could import anything from Indonesia in order to create a natural hedge.
- E. CTT will be exposed to translation risk because FTT will almost certainly have to reflect the changing prices in its selling price and it will be difficult for CTT to make a profit
正解：A、B、C
質問 # 154
An unlisted company has the following data:
A listed company in the same industry has a P/E of 11.
The value of the unlisted company based on the P/E of this listed company is:
Give your answer to the nearest whole number.
正解：
解説：
6
質問 # 155
Company M plans to bid for Company J. Company M has 20 million shares in issue and a current share price of $10.00 before publicly announcing the planned takeover. Company J has 10 million shares in issue and a current share price of $4.00.
The directors of Company M are considering an all-share bid of 1 Company M shares for 2 Company J shares.
Synergies worth $20m are expected from the acquisition.
What is the likely change in wealth for Company M's shareholders (in total) if the bid is accepted?
Give your answer to the nearest $ million.
$ ? million
- A. 0
- B. 1
正解：B
質問 # 156
The long-term prospects for inflation in the UK and the USA are 1% and 4% per annum respectively.
The GBP/USD spot rate is currently GBP/USD1.40
Using purchasing power parity theory, what GBP/USD spot rate would you expect to see in six months' time?
- A. GBP/USD1.42
- B. GBP/USD1.44
- C. GBP/USD1.38
- D. GBP/USD1.36
正解：A
質問 # 157
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. 1,890
- B. 4,500
- C. 3,150
- D. 2,700
正解：C
質問 # 158
On 1 January 20X1, a company had:
* Cost of equity of 10 0%.
* Cost of debt of 5.0%
* Debt of $100Mmilion
* 100 million $1 shares trading at $4.00 each.
On 1 February 20X1:
* The company's share police fell to $3.00.
* Debt and the cost of debt remained unchanged
The company does not pay tax.
Under Modigliani and Miller's theory without lax. what is the best estimate of the movement in the cost of equity as a result of the fall in ne share price?
- A. It will fall to 9.3%.
- B. It will rise to 10.3%.
- C. It will rise to 11.2%.
- D. It will stay the same at 10.0%.
正解：D
質問 # 159
Company Z has identified four potential acquisition targets: companies A, B, C and D.
Company Z has a current equity market value of $580 million.
The price it would have to pay for the equity of each company is as follows:
Only one of the target companies can be acquired and the consideration will be paid in cash.
The following estimations of the new combined value of Company Z have been prepared for each acquisition before deduction of the cash consideration:
Ignoring any premium paid on acquisition, which acquisition should the directors pursue?
- A. A
- B. B
- C. C
- D. D
正解：C
質問 # 160
Select the category of risk for each of the descriptions below:
正解：
解説：
質問 # 161
BBA is a wholly owned subsidiary of AAB BBA operates in country B where the currency is the B$.
The following is an extract from BBA's financial statements at 31 December 20X1:
The following Information is relevant:
" The bonds were trading at $110 per $100 on 31 December 20X1. "Operating profit of BBA for the year ended 31 December 20X1 was S15 million
* The P/E ratio is 8
* Corporate income tax rate is 20%.
The tax authorities m country B Implemented thin capitalisation rules based on the level of gearing of the subsidiary, calculated as book value o( debt lo book value of equity The cut-off point for gearing used by the tax authorities for a company to be thinly capitalised is 75%.
Which of the following statements is correct as at 31 December 20X1?
- A. Gearing Is 71.43%. thin capitalisation rules are not breached
- B. Gearing is 83.33%. thin capitalisation rules are breached
- C. Gearing is 83.33%. thin capitalisation rules are not breached
- D. Gearing is 250%. thin capitalisation rules are breached
正解：B
質問 # 162
......
F3問題集で合格確定させる練習には435問があります：https://www.passtest.jp/CIMA/F3-shiken.html
最新F3認証有効な試験問題集の解答をゲットせよ：https://drive.google.com/open?id=1CvWRno3srJd9NKwoj782g4R6IVQ1Rt8q