リアルF3問題集でCIMA正確な解答2024年最新版を試そう
CIMA Strategic level F3試験練習問題集
CIMA CIMAPRA19-F03-1試験は、財務戦略と管理における専門知識を証明したい金融専門家にとって必要不可欠な認定資格です。この試験は、幅広いトピックをカバーし、実世界のシナリオでの財務コンセプトとその応用についての徹底的な理解が必要です。候補者は、財務戦略の策定と実施能力、財務パフォーマンスの評価、そして財務情報の効果的な伝達能力を証明する必要があります。この試験は挑戦的ですが、合格することで、財務戦略と管理における高度な知識とスキルを証明することができます。
F3 金融戦略試験は、ビジネス環境での金融戦略の策定と実施能力を試験するために設計されています。この試験は、金融分析、リスク管理、投資決定など幅広いトピックをカバーしています。候補者は、金融指標、予測技術、財務諸表分析の理解を証明する必要があります。また、この試験は、組織の財務パフォーマンスを評価し、コミュニケーションする能力を試験するためにも設計されています。
質問 # 37
TTT pic is a listed company. The following information is relevant:
TTT pic's board is considering issuing new 6% irredeemable debt to re-purchase equity. This is expected to change TTT pic's debt to equity mix to 40: 60 by market value. The corporate tax rate is 20%.
What will be TTT pic's WACC following this change in capital structure?
- A. 13.43%
- B. 12.67%
- C. 11.66%
- D. 11.09%
正解：D
質問 # 38
A company has a cash surplus which it wishes to distribute to shareholders by a share repurchase rather than paying a special dividend.
Which THREE of the following statements are correct?
- A. Determination of the repurchase price will be easy as shareholders will insist on receiving the open market price.
- B. Different tax regimes could result in shareholders having a preference for a share repurchase due to the often more preferential tax treatment of capital gains.
- C. The payment of a special dividend could raise shareholders' expectations of similar distributions in the future, unlike a share repurchase.
- D. The share repurchase, if approved by the shareholders, will be binding on all of the company's shareholders.
- E. The share repurchase could send a negative signal to shareholders as it could be interpreted as a failure of management to find suitable investment opportunities.
正解：B、C、E
質問 # 39
A company has a covenant on its 5% long term corporate bond.
* Covenant - The earnings must not fall below $7 million
The bond has a nominal value of $60 million.
It is currently trading at 80% of its nominal value.
The projected earnings before interest and taxation for next year are $11.5 million.
The company retains 80% of its earnings. It pays tax at 20%.
Advise the Board of Directors which of the following covenant conditions will apply next year?
- A. The earnings will be = $6.80 million (The covenant will be breached).
- B. The earnings will be = $7.28 million (The covenant will not be breached).
- C. The earnings will be = $5.44 million (The covenant will be breached).
- D. The earnings will be = $11.50 million (The covenant will not be breached).
正解：A
質問 # 40
A company is wholly equity funded. It has the following relevant data:
* Dividend just paid $4 million
* Dividend growth rate is constant at 5%
* The risk free rate is 4%
* The market premium is 7%
* The company's equity beta factor is 1.2
Calculate the value of the company using the Dividend Growth Model.
Give your answer in $ million to 2 decimal places.
$ ? million
- A. 56.76, 56.76
- B. 56.76, 56.75
正解：B
質問 # 41
A company is financed by debt and equity and pays corporate income tax at 20%.
Its main objective is the maximisation of shareholder wealth.
It needs to raise $200 million to undertake a project with a positive NPV of $10 million.
The company is considering three options:
* A rights issue.
* A bond issue.
* A combination of both at the current debt to equity ratio.
Estimations of the market values of debt and equity both before and after the adoption of the project have been calculated, based upon Modigliani and Miller's capital theory with tax, and are shown below:
Under Modigliani and Miller's capital theory with tax, what is the increase in shareholder wealth?
- A. $210 million if financed by equity
- B. $10 million irrespective of finance
- C. $50 million if financed by debt
- D. $160 million if financed by a mixture of debt and equity
正解：C
質問 # 42
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 legislation and regulation governing distributable profits.
- B. The timing and size of the cash flow requirements for the new investment.
- C. The fluctuating nature of the projected future profits.
- D. The dividend policies of mature listed multinational companies in the exploration industry.
- E. The general level of interest rates and the tax savings on interest costs relating to debt finance.
正解：A、B、C
解説：
Discursive_F0
質問 # 43
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. Identifying and removing surplus staff.
- B. Understanding the management information system of the acquired firm.
- C. Discussions with anti-poverty campaigning groups.
- D. Discussions with representatives from key customer accounts.
正解：B
質問 # 44
Company R is a major food retailer. It wishes to acquire Company S, a food manufacturer.
Company S currently supplies many stores owned by Company R with food products that it manufactures.
Company S is of similar size to Company R but has a lower credit rating.
Which of the following is most likely to be a synergistic benefit to R on purchasing S?
- A. Savings due to a reduction in purchase costs and more control over the value chain.
- B. Cost savings due to reducing the range of products manufactured by Company S.
- C. Reduced competition resulting in the ability to raise retail selling prices for food products.
- D. Lower cost of borrowing due to the acquistion of a company with a different credit rating.
正解：A
質問 # 45
Company A has just announced a takeover bid for Company B. The two companies are large companies in the same industry_ The bid is considered to be hostile.
Company B's Board of Directors intends to try to prevent the takeover as they do not consider it to be in the best interests of shareholders
Which THREE of the following are considered to be legitimate post-offer defences?
- A. Make a counter bid for Company A provided such an acquisition could enhance Company B's shareholder wealth
- B. Alter the memorandum and articles of association to state that a minimum of 75% of shareholders must agree to the bid before it can proceed
- C. Refer the bid to the competition authorities to try to have the bid prohibited on competition grounds
- D. Publish very optimistic financial forecasts for Company B even though the Board of Directors realises that these are highly unlikely to be achievable
- E. Have all the assets independently professionally revalued to demonstrate that the offer undervalues the company
正解：A、B、C
質問 # 46
A company wishes to raise new finance using a rights issue to invest in a new project offering an IRR of 10% The following data applies:
* There are currently 1 million shares in issue at a current market value of $4 each.
* The terms of the rights issue will be $3.50 for 1 new share for 5 existing shares.
* The company's WACC is currently 8%.
What is the yield-adjusted theoretical ex-rights price (TERP)?
Give your answer to 2 decimal places.
$ ?
正解：
解説：
4.06, 4.060
質問 # 47
A company has 6 million shares in issue. Each share has a market value of $4.00.
$9 million is to be raised using a rights issue.
Two directors disagree on the discount to be offered when the new shares are issued.
* Director A proposes a discount of 25%
* Director B proposes a discount of 30%
Which THREE of the following statements are most likely to be correct?
- A. Shareholder wealth will be higher under Director A's proposal than under Director B's proposal.
- B. The rights issue price will be $3.00 under Director A's proposal.
- C. The theoretical ex-rights price will be higher under Director B's proposal than under Director A's proposal.
- D. The terms of the rights issue will be one new share for every two existing shares under Director A's proposal.
- E. More shares will be issued under Director B's proposal than under Director A's proposal.
正解：B、D、E
質問 # 48
Company BBB has prepared a valuation of a competitor company, Company BBD. Company BBB is intending to acquire a controlling interest in the equity of Company BBD and therefore wants to value only the equity of Company BBD.
The directors of Company BBB have prepared the following valuation of Company BBD:
Value of Equity = 4.63 + 5.14 + 5.56 = S15.33 million
Additional information on Company BBD:
Which THREE of the following are weaknesses of the above valuation?
- A. The approach used calculates the value of the total entity not the value of equity.
- B. The valuation is overstated as the directors have failed to deduct tax from the free cash flows.
- C. The valuation is understated as forecast future growth has been ignored beyond year 3.
- D. Free cash flows to all investors should be discounted at the cost of equity of 10% rather than WACC of 8%.
- E. The valuation is understated as the directors have failed to include a perpetuity factor in the calculations.
正解：A、B、E
質問 # 49
Using the CAPM, the expected return for a company is 10%. The market return is 7% and the risk free rate is
1%.
What does the beta factor used in this calculation indicate about the risk of the company?
- A. It has lower risk than the average market risk.
- B. It is not possible to tell from CAPM.
- C. It has greater risk than the average market risk.
- D. It has the same risk as the average market risk.
正解：C
質問 # 50
A company has:
* $6 million market value of equity
* $4 million market value of debt
* WACC of 11.04%
* Corporate income tax rate of 20%
According to Modigliani and Miller's theory of capital structure with tax, what is the ungeared cost of equity?
- A. 12.00%
- B. 16.24%
- C. 10.16%
- D. 12.54%
正解：A
質問 # 51
Which THREE of the following are benefits of integrated reporting?
- A. Support integrated decision-making.
- B. Reduce the amount of work that is required to produce the report and accounts.
- C. Improve short term decision making.
- D. Improve the quality of information available to the providers of financial capital.
- E. Promote an understanding of the interdependencies of capitals.
正解：A、D、E
質問 # 52
A company is located in a single country. The company manufactures electncal goods for export and for sale in its home country. When exporting, it invoices in its customers' currency. What currency risks is the company exposed to?
- A. Transaction and economic risks
- B. Transaction risk only
- C. Translation and economic risks.
- D. Transaction, economic and translation risks.
正解：D
質問 # 53
Company A is unlisted and all-equity financed. It is trying to estimate its cost of equity.
The following information relates to another company, Company B, which operates in the same industry as Company A and has similar business risk:
Equity beta = 1.6
Debt:equity ratio 40:60
The rate of corporate income tax is 20%.
The expected premium on the market portfolio is 7% and the risk-free rate is 5%.
What is the estimated cost of equity for Company A?
Give your answer to one decimal place.
正解：
解説：
? %
12.3, 12.30
質問 # 54
Company A is planning to acquire Company B at a price of $ 65 million by means of a cash bid.
Company A is confident that the merged entity can achieve the same price earnings ratio as that of Company A.
What does Company A expect the value of the merged entity to be post acquisition?
- A. $207.0 million
- B. $122.5 million
- C. $187.5 million
- D. $156.0 million
正解：B
質問 # 55
......
CIMA CIMAPRA19-F03-1（F3 Financial Strategy）認定試験は、ファイナンス戦略分野でスキルと知識を向上させたいファイナンスプロフェッショナル向けの世界的に認められた認定試験です。この認定試験は、世界中のファイナンスプロフェッショナルにトレーニングと認定プログラムを提供する主要なプロフェッショナル団体であるChartered Institute of Management Accountants（CIMA）によって提供されます。CIMAPRA19-F03-1試験は、戦略的財務管理スキルを開発し、雇用主やクライアントに自分の専門知識を証明したい個人を対象としています。
F3試験合格を準備するため 今すぐ弊社のCIMA Strategic level試験パッケージお試そう：https://jp.fast2test.com/F3-premium-file.html
F3プレミアム資料でテストPDF無料問題集お試しセット：https://drive.google.com/open?id=1GHSaYllXcb9YVTLZ7j4CSQOMGv10hHPI