CIMA CIMAPRA19-P03-1 問題集

質問 1：
MNB is a multinational IT company with headquarters in Asia and with operations in all continents.
MNB is attempting to expand its operations in Europe. This is seen as a major challenge as the European market is very well developed and highly competitive.
MNB develops and manufactures its own products. Parts and assemblies are sourced across Asia, America and Europe. These are sometimes purchased locally as a condition of a contract, but MNB aims to include as much of its own equipment as possible. Transfer prices between MNB's subsidiaries can be set in YEN, USD, EURO, GBP. Transfer prices are revised every month in line with production times as most goods are made on short order with sales cycles running at 3-4 months.
What types of risk are being presented here?
A. Political risk
B. Currency risk
C. Fraud risk
D. Legal risk
E. Environmental risk
F. Economic risk
正解：A,B,F

質問 2：
RFG is considering a major expansion that will result in a more diversified business model.
At present, RFG's market capitalisation is $240 million. This is based on a beta of 1.6. The risk free rate is 4% and the market rate of return is 9%. RFG is financed entirely by equity. The company generates an annual cash surplus of $28.8 million.
The expansion will cost $50 million and will generate future cash flows of $12 million in perpetuity. This new business will reduce RFG's beta to 1.4.
Calculate the adjusted present value of the expansion.
A. $321 million
B. $59 million
C. $81 million
D. $131 million
正解：C

質問 3：
A patient has been prescribed a new medicine by their physician. The medicine is accompanied by a leaflet describing potential adverse effects associated with taking it. Most of these potentially adverse effects are trivial, but the leaflet states that three patients in every 10,000 who take the medicine suffer a severe reaction requiring urgent medical attention.
Which of the following statements is true?
A. The patient should not be concerned because only those few patients who are susceptible to this reaction are at risk.
B. Statistically, the medicine is safe.
C. Statistical probabilities mean very little in themselves when dealing with decisions that could have serious consequences, such as whether to take this medicine.
D. The patient should ignore the risk because there is only a 0.03% risk of a severe adverse reaction.
正解：C

質問 4：
E purchases parts for one of the machines it manufactures from Country X Place the risk classification next to the risk it relates to:

正解：


質問 5：
A project has a net present value of $2 million.
Total cash outflows of this project have a present value of $14 million, which includes staff costs of $10 million.
What is the project's sensitivity to staff costs?
A. 20%
B. 63%
C. 14%
D. 71%
正解：A

質問 6：
Which of the following statements are true of residual risk?
A. Residual risk is the risk that remains after risk mitigation has taken place.
B. Residual risk may be accepted if management feels the company can bear the risk.
C. Residual risk has to be accepted.
D. Residual risk should never be accepted.
E. If residual risk is too great then the company should not expose itself to the risk situation.
正解：A,B,E