CIMAPRA19-F03-1の無料問題集（435題）、CIMAPRA19-F03-1認定試験参考書

CIMA CIMAPRA19-F03-1 問題集

試験コード：CIMAPRA19-F03-1

試験名称：F3 Financial Strategy

最近更新時間：2024-11-20

問題と解答：全435問

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質問 1：
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. The covenant is not breached as retained earnings = $4.68 million.
B. Covenant is not breached as retained earnings = $2.10 million.
C. Covenant is breached as retained earnings = $1.92 million.
D. Covenant is not breached as retained earnings = $2.40 million.
正解：C

質問 2：
Company A is located in Country A, where the currency is the A$.
It is listed on the local stock market which was set up 10 years ago.
It plans a takeover of Company B, which is located in Country B where the currency is the B$, and where the stock market has been operating for over 100 years.
Company A is considering how to finance the acquisition, and how the shareholders of Company B might respond to a share exchange or cash (paid in B$).
Which of the following is likely to explain why the shareholders of Company B would prefer a share exchange as opposed to a cash offer?
A. They would receive shares in a market that is likely to be more efficient.
B. It would avoid them being exposed to foreign currency risk.
C. It would enable them to benefit from the future performance of the combined entity.
D. It would allow them to realise their investment and make a capital gain.
正解：C

質問 3：
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 intangible assets.
B. STU accounts for its intangible assets at historical value.
C. STU accounts for its intangible assets at net realisable value.
D. STU does not account for its tangible assets
正解：A

質問 4：
An unlisted software development business is to be sold by its founders to a private equity house following the initial development of the software. The business has not yet made a profit but significantprofits are expected for the next three years with only negligible profits thereafter. The business owns the freehold of the property from which it operates. However, it is the industry norm to lease property.
Which THREE of the following are limitations to the validity of using the Calculated Intangible Value (CIV) method for this business?
A. The intellectual property representing the software development has not been included in the accounts.
B. The business has not yet made a profit.
C. The CIV method cannot be applied to an unlisted company.
D. The business owns the freehold property from which it operates.
E. Significant profits are forecast for the next three years with only negligible profits thereafter.
正解：A,B,D

質問 5：
Company WWW is identical in all operating and risk characteristics to Company ZZZ. but their capital structures differ. Company WWW and Company ZZZ both pay corporate income tax at 20% Company WWW has a gearing ratio (debt: equity) of 1:3 Its pre-tax cost of debt is 6%.
Company ZZZ Is all-equity financed. Its cost of equity is 15%
What is the cost of equity tor Company WWW?
A. 17.7%
B. 17.4%
C. 17.0%
D. 18.0%
正解：C

質問 6：
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. Retained earnings
B. Bank overdraft
C. Private placement of a bond
D. Rights issue
正解：D

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CIMA CIMAPRA19-F03-1 認定試験の出題範囲：

トピック	出題範囲
トピック 1	Sources of long-term funds Financial policy decisions End of topic revision and question practice
トピック 2	Analyse long-term debt finance Discuss post-transaction issues
トピック 3	Evaluate the various valuation methods Analyse strategic financial policy decisions

参照：https://planner.cimaglobal.com/proqual/2019/strategic/F3

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