2024年最新のPassTest CIMA F3問題集と試験テストエンジン
CIMA F3問題集にはリアル試験問題解答
この試験では、財務戦略の策定、財務戦略の評価、財務分析のためのツール、リスク管理、利害関係者管理など、さまざまなトピックについて説明しています。この試験の目的は、候補者が戦略を作成および実装し、財務上のリスクを評価し、戦略と財務情報を利害関係者と効果的に伝える能力についてテストすることを目指しています。この試験はコンピューターベースであり、複数選択の質問やシナリオベースの質問を含む客観的な質問で構成されています。
質問 # 59
A company's Board of Directors is considering raising a long-term bank loan incorporating a number of covenants.
The Board members are unsure what loan covenants involve.
Which THREE of the following statements regarding loan covenants are true?
- A. A loan covenant has no contractually binding obligations.
- B. A covenant gives the financial institution the right but not the obligation to convert debt into equity in a case of non-compliance.
- C. A restrictive covenant prohibits the company from conducting certain actions without the approval of the lending institution.
- D. A positive loan covenant would require the company to undertake specific actions.
- E. A financial covenant usually requires the company to adhere to specific financial conditions or targets.
正解：C、D、E
質問 # 60
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. Change the Articles of Association to increase the percentage of shareholder votes required to approve a takeover.
- B. Pay a one-off special dividend.
- C. Write to shareholders explaining fully why the company's share price is under valued.
- D. Refer the bid to the country's competition authorities.
正解：C
質問 # 61
A company is considering whether to lease or buy an asset.
The following data applies:
* The bank will charge interest at 7.14% per annum
* The asset will cost $1 million
* Tax-allowable depreciation is available on a straight line basis over 5 years
* There is no residual value
* Corporate tax is paid at 30% in the year when the profit is earned
What is the NPV of the buy option?
Give your answer to the nearest $000.
$ ?
- A. 0
- B. 1
正解：B
質問 # 62
A company's latest accounts show profit after tax of $20.0 million, after deducting interest of $5.0 million. The company expects earnings to grow at 5% per annum indefinitely.
The company has estimated its cost of equity at 12%, which is included in the company WACC of 10%.
Assuming that profit after tax is equivalent to cash flows, what is the value of the equity capital?
Give your answer to the nearest $ million.
$ ? million
正解：
解説：
300, 300000000
質問 # 63
Company WWW is considering making a takeover bid for Company KKA Company KKA's current share price is $5.00 Company WWW is considering either
" A cash payment of $5.75 for each share in Company KKA
" A 5 year corporate bond with a market value of $90 in exchange for 15 shares in Company KKA Calculate the highest percentage premium which Company KKA shareholders will receive.
- A. Corporate bond premium = 20%
- B. Corporate bond premium = 80%
- C. Cash premium = 10%
- D. Cash premium = 15%
正解：A
質問 # 64
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. Discounted forecast free cashflow
- C. Asset basis
- D. P/E ratio applied to forecast earnings next year
正解：B
質問 # 65
STU has relatively few tangible assets and is dependent for profits and growth on the high-value individuals it employs. Which of the following statements best explains why the net asset valuator method's considered unstable for TU?
- A. STU does not account for its tangible assets
- B. STU accounts for its intangible assets at net realisable value.
- C. STU does not account for its intangible assets.
- D. STU accounts for its intangible assets at historical value.
正解：C
質問 # 66
A company based in the USA has a substantial fixed rate borrowing at an interest rate of 3.5% and wishes to swap a part of this to a floating rate to take advantage of reducing interest rates Its bank has quoted swap rates of 3 4%-3 5% against 12-month USD risk-free rate.
What is the overall interest rate achieved by the company under this borrowing plus swap combination?
- A. Unchanged at 3.60% as this is the same as the swap rate
- B. 12-month USD risk-free rate
- C. 12-month USD risk-free rate plus 0.1% (where 0.1% = the fixed rate of 3.5% minus the swap rate of 3.4%)
- D. 12-month USD risk-free rate minus 0.1% (where 0.1% = the fixed rate of 3.6% minus the swap rate of 3.4%)
正解：C
質問 # 67
PYP is a listed courier company. It is looking to raise new finance to fit each of its delivery vans with new equipment to allow improved parcel tracking for customers The senior management team of PYP have decided on a 10-year secured bond to finance this investment- Which TWO of the following variables are most likely to decrease the yield to maturity of the bond?
- A. The senior management team decide to issue a convertible bond rather than a conventional bond
- B. The announcement of a new contract for PYP that will increase operating profits by 5°/o over the next 5 years.
- C. Changing the term of the bond from 1 0 years to 5 years to match the expected life of the new equipment
- D. The senior management team decide to issue an unsecured bond rather than a secured bond
正解：A、C
質問 # 68
On 1 January 20X1 a company entered into a S200 million interest rate swap with a bank at a fixed rate of 4% against the 6-month risk-free rate to hedge the interest rale risk on a floating rate borrowing.
6-month risk-free rate was as follows:
What is the net settlement due under the swap contract on 1 July 20X1?
- A. S1 500.000 net payment by the company.
- B. $1.500.000 net receipt to the company.
- C. $1 000 000 net receipt to the company.
- D. S1 000 000 net payment by the company.
正解：A
質問 # 69
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 equity will decrease below 10%
- B. The cost of debt remain unchanged at 4%
- C. The WACC will decrease below 7.6%
- D. The WACC increase above 7.6
- E. The cost of debt will increase above 4%
- F. The cost of equity will increase above 10%
正解：C、D
質問 # 70
Company A is planning to acquire Company B.
Company A's managers think they can improve the performance of Company B to the extent that its own P/E ratio should be applied to Company B's earnings.
Relevant Data:
What is the expected synergy if the acquisition goes ahead?
Give your answer to the nearest $ million.
$ ? million
正解：
解説：
8, 8000000
質問 # 71
A listed company is planning a share repurchase.
The following data applies
* There are 20 million shares in issue
* The share repurchase will involve buying back 10% of the shares at a price of $1.20
* The company is holding $4.8 million cash
* Earnings for the current year ended are $3.6 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 50% and EPS will increase by 11%
- B. The cash balance will decrease by 50% and EPS will decrease by11%
- C. The cash balance will decrease by 10% and the EPS will decrease by 11%.
- D. The cash balance will decrease by 10% and the EPS will increase by 11%.
正解：B
質問 # 72
The competition authorities are investigating the takeover of Company Z by a larger company, Company
Y.
Both companies are food retailers.
The takeover terms involve using a part cash, part share exchange means of payment.
Company Z is resisting the bid, arguing that it undervalues its business, while lobbying extensively among politicians to sway public opinion against the bidder.
Which of the following actions by Company Y is most likely to persuade the competition authorities to approve the acquisition?
- A. Company Y increases the cash element of its bid offer.
- B. Company Y agrees to dispose of specified outlets which geographically overlap those of Company Z.
- C. Company Y undertakes to pass on any cost savings to customers.
- D. Company Y guarantees to preserve employment at its cental distribution depot.
正解：B
質問 # 73
An all equity financed company reported earnings for the year ending 31 December 20X1 of $5 million.
One of its financial objectives is to increase earnings by 5% each year.
In the year ending 31 December 20X2 it financed a project by issuing a bond with a $1 million nominal value and a coupon rate of 7%.
The company pays corporate income tax at 30%.
If the company is to achieve its earnings target for the year ending 31 December 20X2, what is the minimum operating profit (profit before interest and tax) that it must achieve?
- A. $7.50 million
- B. $5.25 million
- C. $8.40 million
- D. $7.57 million
正解：D
質問 # 74
A company plans to cut its dividend but is concerned that the share price will fall. This demonstrates the _____________ effect
- A. B
- B. A
正解：B
質問 # 75
Which TWO of the following situations offer arbitrage opportunities?
A)
B)
C)
D)
- A. Option B
- B. Option C
- C. Option D
- D. Option A
正解：A
質問 # 76
A company is concerned about the interest rate that it will be required to pay on a planned bond issue.
It is considering issuing bonds with warrants attached.
Advise the directors which of the following statements about warrants is NOT correct?
- A. Warrants can be sold back to the issuing company for the nominal value of the share if no longer required by the bond holder.
- B. Warrants are a debt sweetener attached to the bond to drive down the interest rate payable on the bond.
- C. Warrants give the holder the right to buy ordinary shares in the company at a fixed price at a future date.
- D. Warrants can potentially be very expensive because they can involve the issue of shares at a discount in the future if exercised.
正解：A
質問 # 77
A company's Board of Directors wishes to determine a range of values for its equity.
The following information is available:
Estimated net asset values (total asset less total liabilities including borrowings):
* Net book value = $20 million
* Net realisable value = $25 million
* Free cash flows to equity = $3.5 million each year indefinitely, post-tax.
* Cost of equity = 10%
* Weighted Average Cost of Capital = 7%
Advise the Board on reasonable minimum and maximum values for the equity.
- A. Minimum value = $20.0 million, and maximum value = $50.0 million
- B. Minimum value = $25.0 million, and maximum value = $50.0 million
- C. Minimum value = $20.0 million, and maximum value = $35.0 million
- D. Minimum value = $25.0 million, and maximum value = $35.0 million
正解：D
質問 # 78
X exports goods to customers in a number of small countries Asia. At present, X invoices customers in X's home currency.
The Sales Director has proposed that X should begin to invoice in the customers currency, and the Treasurers considering the implications of the proposal.
Which TWO of the following statement are correct?
- A. X will know advance the amount of home currency it will receive for the export sales.
- B. The customer will tear the foreign exchange risk and will only buy from X if they are prepared to accept this.
- C. If the proposal is adopted, X will have a lower effective sales price per unit due to exchange rate fluctuations.
- D. The overseas customers may have difficulty obtaining X's name currency with which to make the purchases, so the Sales Director's proposal may increase sales.
- E. X may be able to sell the receipts forward.
正解：C、D
質問 # 79
BBA is a wholly owned subsidiary of AAB BBA operates in country B where the currency is the B$.
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 not breached
- C. Gearing is 250%. thin capitalisation rules are breached
- D. Gearing is 83.33%. thin capitalisation rules are breached
正解：D
質問 # 80
A company wishes to raise new finance using a rights issue. The following data applies:
* There are 20 million shares in issue with a market value of $6 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 $5.75 Assuming all shareholders take up their rights, how much new finance will be raised ?
Give your answer to one decimal place.
正解：
解説：
$ ? million
7.5, 7.50
質問 # 81
RST wishes to raise at least $40 million of new equity by issuing up to 10 million new equity shares at a minimum price of $3.00 under an offer for sale by tender. It receives the following tender offers:
What is the maximum amount that RST can raise by this share issue?
(Give your answer to the nearest $ million).
正解：
解説：
49
質問 # 82
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2024年最新のPassTest F3のPDFで最近更新された問題です：https://www.passtest.jp/CIMA/F3-shiken.html
F3試験には保証が付きます。更新されたのは435問があります：https://drive.google.com/open?id=1TmAlXrpEN5j9AA-IHUeogTxYnk9-JeQ-