CIMA F3テストエンジン練習テスト問題、試験問題集
100%無料F3日常練習試験には435問があります
CIMA F3（F3 Financial Strategy）認定試験は、金融業界でのキャリアを追求する個人の知識とスキルを試験することを目的としています。この認定試験は、金融分野でグローバルに認められ、高い評価を受けています。試験は、世界中の管理会計士のための主要な専門機関であるChartered Institute of Management Accountants（CIMA）によって実施されます。
CIMA CIMAPRA19-F03-1 (F3 Financial Strategy) 認定試験は、多肢選択問題から成り、3つのセクションに分かれています。最初のセクションは財務戦略をカバーし、資本構造、合併・買収、配当政策などのトピックが含まれます。2番目のセクションは投資決定をカバーし、リスクとリターン、キャピタルバジェット、評価などのトピックが含まれます。3番目のセクションは金融商品をカバーし、デリバティブ、ヘッジ、外国為替リスク管理などのトピックが含まれます。
質問 # 10
The Government of Eastland is concerned that competition within its private healthcare industry is being distorted by the dominant position of the market leader, Delta Care. The Government has instructed the industry regulator to investigate whether the industry is operating fairly in the interests of patients.
Which of the following factors might the industry regulator review as part of their investigation?
Select ALL that apply.
- A. Profits amongst healthcare providers
- B. Prices across the industry
- C. Each healthcare provider's market share
- D. Industry entry barriers
- E. Medical treatment efficacy rates
正解：A、C、E
質問 # 11
A company's gearing (measured as debt/(debt + equity)) is currently 60% and it is investigating whether an optimal gearing structure exists within the industry.
It has analysed the capital structure of similar companies in the industry and it would appear that there is evidence supporting the traditional theory of capital structure.
Companies with the lowest WACC in the industry have gearing of around 45% to 50%.
Which of the following actions would result in the company achieving a more optimal capital structure?
- A. Increasing the level of dividend to return more cash to shareholders.
- B. Using retained cash to undertake a buyback of some of its equity.
- C. Undertaking a rights issue of equity to repay some of its debt.
- D. Refinancing to replace some of its short term debt with long term debt.
正解：C
質問 # 12
A company's current earnings before interest and taxation are $5 million.
These are expected to remain constant for the forseeable future.
The company has 10 million shares in issue which currently trade at $3.60.
It also has a $10 million long term floating rate loan.
The current interest rate on this loan is 5%.
The company pays tax at 20%.
The company expects interest rates to increase next year to 6% and it's Price/Earnings (P/E) ratio to move to 9.5 times by the end of next year.
What percentage reduction in the share price will occur by the end of next year if the interest rate increase and the P/E movement both occur?
- A. Reduction of 5%
- B. Reduction of 1%
- C. Reduction of 7%
- D. Reduction of 0%
正解：C
質問 # 13
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. 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
- B. Make a counter bid for Company A provided such an acquisition could enhance Company B's shareholder wealth
- C. Refer the bid to the competition authorities to try to have the bid prohibited on competition grounds
- D. Have all the assets independently professionally revalued to demonstrate that the offer undervalues the company
- E. Publish very optimistic financial forecasts for Company B even though the Board of Directors realises that these are highly unlikely to be achievable
正解：A、B、C
質問 # 14
Modigliani and Miller are the main proponents of the view that the dividend policy is irrelevant to the value of a company's shares.
They argue that a company that continually reinvests its entire earnings would generate the same shareholder wealth if it engaged in a policy of high dividends and financed its expansion with funds obtained from rights issues.
Which THREE of the following statements are assumptions that are required in order to support this proposition?
- A. Investors do not always have access to perfect information.
- B. The capital markets are efficient markets.
- C. There are no transaction costs involved in the issue of new shares (including rights issues).
- D. There is a multiplicity of corporate and personal income tax rates.
- E. Investors act in a rational manner.
正解：B、C、E
解説：
Explanation
Discursive_F0
質問 # 15
LPM Company is based in Country C. whose currency is the CS
It has entered Into a contract to buy a machine in three months' time. The supplier is overseas and the payment is to be made in a different currency from the CS The treasurer at LPM Company is considering using a money market hedge to manage the transaction risk associated with a payment.
The assumptions of interest rate parity apply
Which THREE of the following statements concerning the use of a money market hedge for this supplier payment are correct*?
- A. It offers a significantly better outcome than a forward contract
- B. It can be tailored to match the size of the payment
- C. It manages transaction risk
- D. Any opportunity to benefit from future exchange rate movements is lost.
- E. lt avoids the need to find immediate finance
正解：A、B、C
質問 # 16
A company wishes to raise new finance using a rights issue to invest in a new project offering an IRR of 10%
The following data applies:
* There are currently 1 million shares in issue at a current market value of $4 each.
* The terms of the rights issue will be $3.50 for 1 new share for 5 existing shares.
* The company's WACC is currently 8%.
What is the yield-adjusted theoretical ex-rights price (TERP)?
Give your answer to 2 decimal places.
$ ?
- A. 4.06, 4.060
- B. 4.06, 4.050
正解：A
質問 # 17
Company A plans to acquire Company B.
Both firms operate as wholesalers in the fashion industry, supplying a wide range of ladies' clothing shops.
Company A sources mainly from the UK, Company B imports most of its supplies from low-income overseas countries.
Significant synergies are expected in management costs and warehousing, and in economies of bulk purchasing.
Which of the following is likely to be the single most important issue facing Company A in post-merger integration?
- A. Discussions with anti-poverty campaigning groups.
- B. Understanding the management information system of the acquired firm.
- C. Identifying and removing surplus staff.
- D. Discussions with representatives from key customer accounts.
正解：B
質問 # 18
Select the most appropriate divided for each of the following statements:
正解：
解説：
質問 # 19
Providers of debt finance often insist on covenants being entered into when providing debt finance for companies.
Agreement and adherence to the specific covenants is often a condition of the loan provided by the lender.
Which THREE of the following statements are true in respect of covenants?
- A. Covenants are entered into to give the lender added protection on the loan extended to the company.
- B. Covenants are entered into to penalise the company.
- C. Covenants are entered into to impose financial discipline on the company.
- D. Covenants enable the lender to demand immediate repayment or to renegotiate terms if it is breached.
- E. Covenants are entered into to eliminate the tax liability of the company.
正解：A、C、D
解説：
Explanation
Discursive_F0
質問 # 20
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. Bank overdraft
- B. Private placement of a bond
- C. Rights issue
- D. Retained earnings
正解：C
質問 # 21
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.
正解：B
質問 # 22
Clinic A provides free healthcare to all members of the community, funded by the central Government.
Clinic B provides healthcare which has to be paid for by the individual patients. It is a listed company, owned by a large number of shareholders.
In comparing the above two organisations and their objectives, which THREE of the following statements are correct?
- A. Clinic A and B have the same primary financial objective - to maximise shareholder wealth.
- B. The performance of X will be appraised primarily on the basis of value for money.
- C. Clinic A and B will have the same primary non financial objective - provision of quality of health care.
- D. Clinic A is a not-for-profit organisation while Y is a for-profit organisation.
- E. Clinic B is likely to have a mixture of financial and non-financial objectives.
正解：C
質問 # 23
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 # 24
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 # 25
JAG and ZEB are two listed companies. JAG is approximately 20 times the size of ZEB.
10 days ago JAG made a hostile bid for ZEB. offering a share exchange.
The bid price represents a 10% profit to the shareholders of ZEB at today's market prices to reflect the high levels of synergistic benefits that JAG expects to realise from the transaction.
Which of the following is the greatest future threat to the post-transaction value for JAG?
- A. Forecast synergistic benefits are not realised.
- B. New shareholders acquired from ZEB withdraw their investment by selling their shares within 12 months.
- C. Negative market response to the bid.
- D. New shareholders acquired from ZEB demand a higher dividend payout than JAG is used to.
正解：A
質問 # 26
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.
正解：
解説：
$ ? million
300, 300000000
質問 # 27
A company's dividend policy is to pay out 50% of its earnings.
Its most recent earnings per share was $0.50, and it has just paid a dividend per share of $0.25.
Currently, dividends are forecast to grow at 2% each year in perpetuity and the cost of equity is 10.5%.
In order to grow its earnings and dividends, the company is considering undertaking a new investment funded entirely by debt finance. If the investment is undertaken:
* Its cost of equity will immediately increase to 12% due to the increased finance risk.
* Its earnings and dividends will immediately commence growing at 4% each year in perpetuity.
Which of the following is the expected percentage change in the share price if the new investment is undertaken?
- A. Increase = 10.5%
- B. Decrease = 7.7%
- C. Increase = 2%
- D. Increase = 8.3%
正解：D
質問 # 28
A company has a covenant on its 5% long-term bond, stipulating that its retained earnings must not fall below $2 million.
The company has 100 million shares in issue.
Its most recent dividend was $0.045 per share. It has committed to grow the dividend per share by 4% each year.
The nominal value of the bond is $60 million. It is currently trading at 80% of its nominal value.
Next year's earnings before interest and taxation are projected to be $11.25 million.
The rate of corporate tax is 20%.
If the company increases the dividend by 4%, advise the Board of Directors if the level of retained earnings will comply with the covenant?
- A. Covenant is breached as retained earnings = $1.92 million.
- B. Covenant is not breached as retained earnings = $2.10 million.
- C. Covenant is not breached as retained earnings = $2.40 million.
- D. The covenant is not breached as retained earnings = $4.68 million.
正解：A
質問 # 29
......
有効な問題最新版を試そうF3テスト解釈F3有効な試験ガイド：https://www.passtest.jp/CIMA/F3-shiken.html
F3試験資料CIMA学習ガイド：https://drive.google.com/open?id=1WRTI8vBOGJTzmU62RvDWTiF7dZJZgRnN