AFP CTP 問題集

質問 1：
The Treasurer at ABC Company currently uses an in-house company-processing lockbox center. The Treasurer has asked for an analysis to determine the major advantage of using a traditional check/mail-based lockbox system. ABC receives 287,000 payments per month and hired seven additional staff members to process the payments in-house. Additionally, $389,000 was invested in the equipment used to process the payments and NSF checks have decreased 7% since using the in-house center. The equipment's current market value is equal to its book value. What major advantage should the analysis indicate?
A. The equipment can be sold at no loss.
B. NSF checks will continue to decrease.
C. Availability float will be reduced.
D. Net income will improve.
正解：C

質問 2：
In capital budgeting, a company might risk adjust which of the following?
A. After-tax cost of debt
B. Internal rate of return
C. Weighted average cost of capital
D. Times interest earned
正解：C

質問 3：
A company recently implemented a treasury code of conduct, which defined appropriate actions and business behaviors. The company developed policies and procedures that assigned duties to managers, and distributed the code to all treasury employees. The treasury group could have improved upon this implementation by doing which one of the following?
A. Providing training on the code to all employees
B. Incorporating the code under its disaster recovery plan
C. Having the code of conduct reviewed by the marketing department
D. Having the code certified under Sarbanes-Oxley Act requirements
正解：A

質問 4：
The discount rate for a T-bill with a face value of $200,000, 182 days to maturity, and a selling price of $194,375 would be:
A. 5.63%.
B. 2.80%.
C. 5.56%.
D. 49.18%.
正解：C

質問 5：
Which agency implements monetary policy through purchases and sales of treasury securities?
A. Federal Deposit Insurance Corporation
B. Office of the Comptroller of the Currency
C. Federal Reserve
D. Fannie Mae
正解：C

質問 6：
An analyst at XYZ Company was assigned with determining if the company should start to use a lockbox provider for its retail payments. The analyst determined that the company's annual sales of $324,000,000 were recorded evenly throughout the year. The Company receives 30,000 checks annually. Total dollar-days float without the lockbox is $76,500,000 and the annual opportunity cost is 5.5%; assume 30-day month. The industry's average
opportunity cost is 6.0%. Using the information in the table,what would be the net effect of
using the lockbox?

A. Net savings of $63,000
B. Net savings of $1,890,000
C. Net savings of $1,732,500
D. Net savings of $57,750
正解：D

質問 7：
An inverted yield curve occurs when which of the following is true?
A. As rates on current issues rise, the price of existing issues falls.
B. The longer the maturity of the investment, the greater the risk of a price decline.
C. In anticipation of lower long-term rates, investors push short-term rates down.
D. The longer the maturity of the investment, the lower the rate of return.
正解：D