CIMA F3 問題集

質問 1：
The Board of Directors of a small listed company engaged in exploration are currently considering the future dividend policy of the company. Exploration is considered a high-risk business and consequently the company has a low level of debt finance.
Forecasts indicate a period of profit fluctuation in the next few years as the company is planning to embark on a major capital investment project. Debt finance is unlikely to be available due to the project's high business risk.
Which THREE of the following are practical considerations when determining the company's dividend/retention policy?
A. The fluctuating nature of the projected future profits.
B. The dividend policies of mature listed multinational companies in the exploration industry.
C. The legislation and regulation governing distributable profits.
D. The timing and size of the cash flow requirements for the new investment.
E. The general level of interest rates and the tax savings on interest costs relating to debt finance.
正解：A,C,D
解説: (Topexam メンバーにのみ表示されます)

質問 2：
Which of the following is NOT an advantage of a share repurchase?
A. To enable the company to retain cash in the business for reinvestment
B. To allow investors to sell shares if no active market currently exists
C. To reduce the cost of capital of a company by increasing the gearing level.
D. To return surplus cash to shareholders by avoiding a one-off dividend
正解：A

質問 3：
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 representatives from key customer accounts.
B. Discussions with anti-poverty campaigning groups.
C. Understanding the management information system of the acquired firm.
D. Identifying and removing surplus staff.
正解：C

質問 4：
A company's Board of Directors wishes to determine a range of values for its equity.
The following information is available:
Estimated net asset values (total asset less total liabilities including borrowings):
* Net book value = $20 million
* Net realisable value = $25 million
* Free cash flows to equity = $3.5 million each year indefinitely, post-tax.
* Cost of equity = 10%
* Weighted Average Cost of Capital = 7%
Advise the Board on reasonable minimum and maximum values for the equity.
A. Minimum value = $25.0 million, and maximum value = $50.0 million
B. Minimum value = $25.0 million, and maximum value = $35.0 million
C. Minimum value = $20.0 million, and maximum value = $50.0 million
D. Minimum value = $20.0 million, and maximum value = $35.0 million
正解：B

質問 5：
A company is based in Country Y whose functional currency is Y$. It has an investment in Country Z whose functional currency is Z$.
This year the company expects to generate Z$ 10 million profit after tax.
Tax Regime:
* Corporate income tax rate in country Y is 50%
* Corporate income tax rate in country Z is 20%
* Full double tax relief is available
Assume an exchange rate of Y$ 1 = Z$ 5.
What is the expected profit after tax in Y$ if the Z$ profit is remitted to Country Y?
A. Y$ 1.25 million
B. Y$ 31.25 million
C. Y$ 1.00 million
D. Y$ 4.00 million
正解：A

質問 6：
A company is financed as follows:
* 400 million $1 shares quoted at $3.00 each.
* $800 million 5% bonds quoted at par.
The company plans to raise $200 million long term debt to finance a project with a net present value of
$100 million.
The bank that is providing the debt is insisting on a maximum gearing level covenant.
Gearing will be based on market values and calculated as debt/(debt + equity).
What is the lowest figure for the gearing covenant that the bank could impose without the company breaching the agreement?
A. 45%
B. 43%
C. 44%
D. 46%
正解：C

質問 7：
A company based in Country D, whose currency is the D$, has an objective of maintaining an operating profit margin of at least 10% each year.
Relevant data:
* The company makes sales to Country E whose currency is the E$. It also makes sales to Country F whose currency is the F$.
* All purchases are from Country G whose currency is the G$.
* The settlement of all transactions is in the currency of the customer or supplier.
Which of the following changes would be most likely to help the company achieve its objective?
A. The F$ weakens against the D$ over time.
B. The D$ strengthens against the G$ over time.
C. The D$ weakens against the G$ over time.
D. The D$ strengthens against the E$ over time.
正解：B

質問 8：
A consultancy company is dependent for profits and growth on the high value individuals it employs.
The company has relatively few tangible assets.
Select the most appropriate reason for the net asset valuation method being considered unsuitable for such a company.
A. It does not account for the intangible assets.
B. It accounts for the intangible assets at historical value.
C. It accounts for intangible assets at net realisable value.
D. It does not account for tangible assets.
正解：A