[2024年04月] 最新のF3試験問題集には合格保証が付きます
信頼できるCIMA Strategic level F3問題集PDFで2024年04月24日に更新された問題
CIMA CIMAPRA19-F03-1：F3 Financial Strategyは、ファイナンスのキャリアを目指す個人にとって必須の試験です。この試験は、財務戦略の理解と最大化するための利用方法を試験するために設計されています。この試験は、ファイナンス分野での専門資格を提供するグローバルな認定機関であるChartered Institute of Management Accountants（CIMA）によって実施されます。
CIMA F3試験の準備には、財務管理の原則と実践についての確固たる理解が必要です。候補者は財務諸表、予算策定と予測、リスク管理、財務分析に精通している必要があります。また、財務情報を活用してビジネス上の意思決定を行う方法についても良好な理解が必要です。CIMAは、試験の準備を支援するためのさまざまな学習資料やリソースを提供しています。
質問 # 144
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 # 145
M is an accountant who wishes to take out a forward rate agreement as a hedging instrument but the company treasurer has advised that a short-term interest rate future would be a better option.
Which of the following is true of a short-term interest rate
- A. The date is flexible and the position can be closed quickly and easily.
- B. It interest rates have gone down the price of the future will have fallen.
- C. It must be kept for ne whole duration of the contract
- D. It can be tailored to the exact reeds of the company.
正解：C
質問 # 146
A company plans to acquire new machinery.
It has two financing options; buy outright using a bank loan, or a finance lease.
Which of the following is an advantage of a finance lease compared with a bank loan?
- A. The interest rate offered might be more favourable because the lessor has the security of the asset.
- B. Tax depreciation allowances may be passed on to the company by the lessor.
- C. It is "off-balance sheet" and will not affect the company's gearing.
- D. The lessor provides maintenance of the asset.
正解：A
質問 # 147
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. 2,700
- D. 3,150
正解：D
質問 # 148
Company J is in negotiations to acquire Company K and believes it can turn around Company K's performance to match its own.
The following information is available for the two companies:
Select the maximum price for each share that Company J should place on Company K during negotiations.
- A. $1.7
- B. $3.0
- C. $2.0
- D. $3.2
正解：B
質問 # 149
The directors of a multinational group have decided to sell off a loss-making subsidiary and are considering the following methods of divestment:
1. Trade sale to an external buyer
2. A management buyout (MBC)
The MDO team and the external buyer have both offered the same price to the parent company for the subsidiary.
Which of the following is an advantage to the parent company of opting for a MBO compared to a trade sale as the preferred method of divestment?
- A. Raise the cash more quickly.
- B. Focus on the core competencies of the business
- C. Retain the know edge of key management.
- D. Avoid a hostile reaction from key management.
正解：D
質問 # 150
Company A, a listed company, plans to acquire Company T, which is also listed.
Additional information is:
* Company A has 100 million shares in issue, with market price currently at $8.00 per share.
* Company T has 90 million shares in issue,. with market price currently at $5.00 each share.
* Synergies valued at $60 million are expected to arise from the acquisition.
* The terms of the offer will be 2 shares in A for 3 shares in B.
Assuming the offer is accepted and the synergies are realised, what should the post-acquisition price of each of Company A's shares be?
Give your answer to two decimal places.
$ ? .
正解：
解説：
8.19, 8.18
質問 # 151
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
正解：
解説：
8
質問 # 152
Which TWO of the following situations offer arbitrage opportunities?
- A.
- B.
- C.
- D.
正解：C
質問 # 153
Company A, a listed company, plans to acquire Company T, which is also listed.
Additional information is:
* Company A has 150 million shares in issue, with market price currently at $7.00 per share.
* Company T has 120 million shares in issue,. with market price currently at $6.00 each share.
* Synergies valued at $50 million are expected to arise from the acquisition.
* The terms of the offer will be 2 shares in A for 3 shares in T.
Assuming the offer is accepted and the synergies are realised, what should the post-acquisition price of each of Company A's shares be?
Give your answer to two decimal places.
正解：
解説：
8.24
質問 # 154
Company BBB has prepared a valuation of a competitor company, Company BBD. Company BBB is intending to acquire a controlling interest in the equity of Company BBD and therefore wants to value only the equity of Company BBD.
The directors of Company BBB have prepared the following valuation of Company BBD:
Value of Equity = 4.63 + 5.14 + 5.56 = S15.33 million
Additional information on Company BBD:
Which THREE of the following are weaknesses of the above valuation?
- A. The valuation is overstated as the directors have failed to deduct tax from the free cash flows.
- B. The valuation is understated as forecast future growth has been ignored beyond year 3.
- C. The valuation is understated as the directors have failed to include a perpetuity factor in the calculations.
- D. The approach used calculates the value of the total entity not the value of equity.
- E. Free cash flows to all investors should be discounted at the cost of equity of 10% rather than WACC of
8%.
正解：A、C、D
質問 # 155
A listed company in a high growth industry, where innovation is a key driver of success has always operated a residual dividend policy, resulting in volatility in dividends due to periodic significant investments in research and development.
The company has recently come under pressure from some investors to change its dividend policy so that shareholders receive a consistent growing dividend. In addition, they suggested that the company should use more debt finance.
If the suggested change is made to the financial policies, which THREE of the following statements are true?
- A. It may give a signal to the market that the company is entering a period of stable growth.
- B. Retained earnings have a lower cost than debt finance.
- C. There may be a change to the shareholder profile due to 'the clientele effect'.
- D. The company's financial risk will increase due to its increased use of debt finance.
- E. The directors will not have to take shareholder dividend preferences into consideration in future.
正解：A、C、D
質問 # 156
An unlisted company:
* Is owned by the original founder and member of their families.
* Is growing more rapidly than other companies in the same industry.
* Pays a fixed annual divided
Which of the following methods would be the most appropriate to value this company's equity?
- A. Asset based approach including intangibles.
- B. Divided valuation method.
- C. Discounted cash flow analysis based on forecast future free cash flows.
- D. P/E ratio of a listed company in the same industry.
正解：C
質問 # 157
Listed company R is in the process of making a cash offer for the equity of unlisted company S.
Company R has a market capitalisation of $200 million and a price/earnings ratio of 10.
Company S has a market capitalisation of $50 million and earnings of $7 million.
Company R intends to offer $60 million and expects to be able to realise synergistic benefits of $20 million by combining the two businesses. This estimate excludes the estimated $8 million cost of integrating the two businesses.
Which of the following figures need to be used when calculating the value of the combined entity in $ millions?
- A. 7, 10, 20, 50, 200
- B. 8, 20, 50, 200
- C. 8, 20, 50, 60, 200
- D. 20, 50, 60, 200
正解：C
解説：
Calculation_F0
Calc_Set1
質問 # 158
A company needs to raise $40 million to finance a project. It has decided on a right issue at a discount of 20% to its current market share price.
There are currently 20 million shares in issue with a nominal value of $1 and a market price of $10.00 per share.
- A. 1 new share for every 20 existing shares
- B. 1 new share for every 25 existing shares
- C. 1 new share for every 4 existing shares
- D. 1 new share for every 5 existing shares
正解：C
質問 # 159
Company B is an all equity financed company with a cost of equity of 10%.
It is considering issuing bonds in order to achieve a gearing level of 20% debt and 80% equity.
These bonds will pay a coupon rate of 5% and have an interest yield of 6%.
Company B pays corporate tax at the rate of 25%.
According to Modigliani and Miller's theory of capital structure with tax, what will be Company B's new cost of equity?
A)
B)
C)
D)
- A. Option C
- B. Option D
- C. Option B
- D. Option A
正解：C
質問 # 160
Integrated reporting is designed to make visible the capitals on which the organisation depends, and how the organisation uses those capitals to create value in the short, medium and long term
Which THREE of the following capitals are specifically identified in the Integrated Reporting <IR> Framework?
- A. Manufactured
- B. Community
- C. Human
- D. Research and Development
- E. Financial
正解：A、C
質問 # 161
Company X plans to acquire Company Y.
Pre-acquisition information:
Post-acquisition information:
Total combined earnings are expected to increase by 10%
Total combined P/E multiple will remain at 10 times
Which of the following share-for-share exchanges will result in an increase of 10% in Company X's share price post-acquisition?
- A. 1 share in Company X for 2.75 shares in Company Y
- B. 1 share in Company X for 2 shares in Company Y
- C. 3 shares in Company X for 5 shares in Company Y
- D. 2 shares in Company X for 1 shares in Company Y
正解：C
質問 # 162
It is now 1 January 20X0.
Company V, a private equity company, is considering the acquisition of 40% of the equity of Company A for a total amount of $15 million.
Company A has been established to develop a new type of engine which will be launched at the end of 20X1. Company A is forecasting that the new engine will result in free cash flows to equity of $2m in its first year of operation and that this will rise by 8% per year for the foreseeable future. The new engine is the only commercial activity that Company A is involved in.
Company V intends to sell its stake in Company A when the new engine is launched.
Company A has a cost of equity of 12%.
Assuming that Company V receives an amount that reflects the present value of their shares in company A.
What is the estimated annual rate of return to Company V from this investment? (To the nearest %)
- A. 10%
- B. 3%
- C. 33%
- D. 16%
正解：A
質問 # 163
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. 531 million
- B. 289 million
- C. 228 million
- D. 325 million
正解：C
質問 # 164
X exports goods to customers in a number of small countries Asi
a. 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. 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.
- D. If the proposal is adopted, X will have a lower effective sales price per unit due to exchange rate fluctuations.
- E. X may be able to sell the receipts forward.
正解：C、D
質問 # 165
A company has stable earnings of S2 million and its shares are currently trading on a price earnings multiple {PIE) of 10 times. It has10 million shares in issue.
The company is raising S4 million debt finance to fund an expansion of its existing business which is forecast to increase annual earnings straight away by 25% and then remain at that level for the foreseeable future. The corporation tax rate is 20%. It is expected that the P/E will reduce to 8 times over the next year.
What is the most likely change in shareholder wealth resulting from this plan?
- A. Shareholder wealth will increase by $5 million
- B. Shareholder wealth will increase by $4 million.
- C. No change in shareholder wealth.
- D. Shareholder wealth will increase by $3.2 million.
正解：B
質問 # 166
Company A has just announced a takeover bid for Company B. The two companies are large companies in the same industry_ The bid is considered to be hostile.
Company B's Board of Directors intends to try to prevent the takeover as they do not consider it to be in the best interests of shareholders
Which THREE of the following are considered to be legitimate post-offer defences?
- A. Refer the bid to the competition authorities to try to have the bid prohibited on competition grounds
- B. Make a counter bid for Company A provided such an acquisition could enhance Company B's shareholder wealth
- C. Publish very optimistic financial forecasts for Company B even though the Board of Directors realises that these are highly unlikely to be achievable
- D. Alter the memorandum and articles of association to state that a minimum of 75% of shareholders must agree to the bid before it can proceed
- E. Have all the assets independently professionally revalued to demonstrate that the offer undervalues the company
正解：A、B、D
質問 # 167
Company RRR is a well-established, unlisted, road freight company.
In recent years RRR has come under pressure to improve its customer service and has had some success in doing this However, the cost of improved service levels has resulted in it making small losses in its latest financial year. This is the first time RRR has not been profitable.
RRR uses a 'residual' dividend policy and has paid dividends twice in the last 10 years.
Which of the following methods would be most appropriate for valuing RRR?
- A. The dividend valuation model.
- B. Valuing the tangible assets and intangible assets of RRR.
- C. The P/E method, adjusting the P/E of a listed company downwards to reflect RRR's unlisted status.
- D. The earnings yield method, adjusting the earnings yield of a listed company downwards to reflect RRR's unlisted status.
正解：B
質問 # 168
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2024年最新の実際にある検証済みのF3問題集：https://www.passtest.jp/CIMA/F3-shiken.html
必ず合格できるCIMA F3試験で正確な435問題と解答あります：https://drive.google.com/open?id=1_CTfCAlhNXIVWn2EDU8g1qHCGk8rXTGA