CIMA CIMAPRA19-P03-1 問題集

質問 1：
K is a manufacturing company. It has sourced new equipment from the US to equip a new production facility.
It has to make a payment of USD1,000,000 in 3 months' time.
K's production manager needs to know whether it is cheaper to use a forward contract or a money market hedge.
Current spot and forward exchange rates are as follows:
Current mid-point money market rates (annual) are as follows:
Ignoring taxation, which of the following statements is correct?
A. The forward contract saves GBP1,901
B. The money market hedge saves GBP15,196
C. The money market hedge saves GBP32,078
D. The forward contract saves GBP2,629
正解：B

質問 2：
You are a consultant to an international charity which provides aid to people displaced by war, civil unrest, and natural disaster. The charity has requested you to carry out a post implementation review on their new procurement and logistics system. Which TWO of the following should you be most concerned about when conducting this review?
A. The identification of the reason for any cost overruns so as to be able to assign responsibility to particular individuals so that the management can deal with them as they see fit.
B. To create a record of good and bad experiences in relation to the implementation of the project so that the charity is able to learn from them should they decide to implement a similar project in the future.
C. An assessment of how the aid is used once it has arrived at its destination.
D. An assessment of the extent to which the new system has led to more efficient delivery of aid to those in need.
正解：B,D

質問 3：
Which of the following are true of interest rate swaps?
A. An interest rate swap is an internal hedging technique.
B. Some companies use interest rate swaps to deliberately increase their risks because they believe that they are better at predicting future interest rates than the market.
C. An interest rate swap is an external hedging technique.
D. When interest rates are falling, the risk of default by the fixed interest rate payer is low.
E. Risk of default is high from the floating interest rate payer if interest rates rise.
正解：B,C,E

質問 4：
UIO sells mobile phones through a cham of 100 shops spread across the country Shop managers have considerable discretion over pncmg and the incentives offered to sales staff Shop managers are evaluated on the monthly contribution from completed sales. Those who exceed targets by more than 10% for three successive months are promoted Those who fail to achieve monthly targets in two successive months lose their jobs Which of the following statements are true of the performance management of UIO's shop managers?
Select ALL that apply
A. UIO's shop managers are encouraged to take risks that may harm UIO
B. UIO's shop managers are encouraged to sell phones at a loss
C. UIO's shop managers may have very little sense of loyalty to the company
D. LHO's shop managers have an incentive to offer excellent customer service
E. UIO's shop managers have an incentive to develop attractive sates promotions for their shops
正解：A,B,C

質問 5：
IOP manufactures aircraft engines. The company is presently engaged in a scenario planning exercise to consider the implications of a possible ban on the use of fossil fuels by the year 2040.
Which TWO of the following would be realistic responses to the scenario?
A. Commission research into the development of battery-powered aircraft
B. Develop more efficient engines that minimise the use of fossil fuels
C. Dispose of manufacturing plant and move into more sustainable transport, such as electric trains
D. Work with politicians to discredit the proposed restrictions on the use of fossil fuels
E. Adapt existing engine designs so that they can use plant-based fuels, such as vegetable oils
正解：A,E

質問 6：
Which of the following statements concerning the use of balanced scorecards to measure divisional performance is correct?
A. Dysfunctional behaviour is impossible because divisional managers are evaluated on so many different decisions.
B. Contradictory and inconsistent targets prevent balanced scorecards being a useful tool for performance evaluation.
C. Dysfunctional behaviour is more difficult than under traditional reporting because a wide range of factors will be measured and reported.
D. The input for balanced scorecard reports comes from many sources so it is not possible to misrepresent performance.
正解：C