合格させるCIMA F3試験最速合格
準備F3問題解答でF3試験問題集
CIMA CIMAPRA19-F03-1（F3 Financial Strategy）試験は、財務管理と戦略で優れた実績を持ちたい個人にとって重要なプロフェッショナル資格です。この試験は、組織の目標と目的に合わせた財務戦略を開発・実施する能力を評価します。財務管理、リスク管理、投資判断など、様々な財務トピックを扱います。
CIMAPRA19-F03-1試験に合格するには、候補者は財務管理と会計原則に強力な基盤を持っている必要があります。また、優れた分析的および問題解決スキル、および複雑な財務情報を明確で簡潔な方法で伝える能力も持っている必要があります。この試験は、客観的なテストの質問とケーススタディで構成されており、候補者は実際のビジネスシナリオに財務戦略の概念を適用する能力を実証する必要があります。
CIMA F3認定試験は、財務戦略に関連する幅広いトピックをカバーしており、財務分析、リスク管理、投資決定、企業金融などが含まれます。試験は、財務管理に使用される概念と技術の十分な理解を必要とする客観型の問題から構成されています。試験に合格した候補者は、財務データを分析し、情報をもとに意思決定を行い、ステークホルダーと効果的にコミュニケーションを取るために必要なスキルを身につけます。
質問 # 244
A company generates operating profit of $17.2 million, and incurs finance costs of $5.7 million.
It plans to increase interest cover to a multiple of 5-to-1 by raising funds from shareholders to repay some existing debt. The pre-tax cost of debt is fixed at 5%, and the refinancing will not affect this.
Assuming no change in operating profit, what amount must be raised from shareholders?
Give your answer in $ millions to the nearest one decimal place.
$ ?
正解：
解説：
45.2
質問 # 245
A company's main objective is to achieve an average growth in dividends of 10% a year.
In the most recent financial year:
Sales are expected to grow at 8% a year over the next 5 years.
Costs are expected to grow at 5% a year over the next 5 years.
What is the minimum dividend payout ratio in 5 years' time that would allow the company to achieve its objective?
- A. 22.5%
- B. 30.0%
- C. 21.7%
- D. 27.5%
正解：C
質問 # 246
The directors of a multinational group have decided to sell off a loss-making subsidiary and are considering the following methods of divestment:
1. Trade sale to an external buyer
2. A management buyout (MBO)
The MBO team and the external buyer have both offered the same price to the parent company for the subsidiary.
Which of the following is an advantage to the parent company of opting for a MBO compared to a trade sale as the preferred method of divestment?
- A. Avoid a hostile reaction from key management.
- B. Retain the know edge of key management.
- C. Focus on the core competencies of the business
- D. Raise the cash more quickly.
正解：A
質問 # 247
H Company has a fixed rate load at 10.0%, but wishes to swap to variable. It can borrow at LIBOR 8%.
The bank is currently quoting swap rates of 3.1% (bid) and 3.5% (ask).
What net rate will H Company pay if it enters into the swap?
- A. LIBOR +8%
- B. LIBOR +3.1%
- C. LIBOR +6.9%
- D. LIBOR +6.5%
正解：C
質問 # 248
A company plans a four-year project which will be financed by either an operating lease or a bank loan.
Lease details:
* Four year lease contract.
* Annual lease rentals of $45,000, paid in advance on the 1st day of the year.
Other information:
* The interest rate payable on the bank borrowing is 10%.
* The capital cost of the project is $200,000 which would have to be paid at the beginning of the first year.
* A salvage or residual value of $100,000 is estimated at the end of the project's life.
* Purchased assets attract straight line tax depreciation allowances.
* Corporate income tax is 20% and is payable at the end of the year following the year to which it relates.
A lease-or-buy appraisal is shown below:
Which THREE of the following items are errors within the appraisal?
- A. Lease payments are timed incorrectly
- B. The bank loan repayments should be included
- C. Using the 10% discount rate is incorrect
- D. Tax relief on lease payments have not been lagged correctly
- E. The salvage value has been included within the lease option
- F. The project's operating cashflows should be included
正解：C、D、E
質問 # 249
Country X's short-term interest rates are slightly higher than its long-term rates. Which THREE of the following statements are correct?
- A. A long-term borrower would save by taking out a short-term loan and then refinancing
- B. Interest rates are expected to fall.
- C. This difference may reverse.
- D. Country X's currency is expected to strengthen in the long-term.
- E. Interest rates will definitely fall.
正解：A、C、D
質問 # 250
Company ABC's management has noticed that Company BCD has quickly built up a 20% stake by buying shares in Company ABC and are concerned that this is the start of a hostile bid.
This build-up of shares triggers the poison pill provision which automatically converts the rights to buy future preference shares previously issued to existing shareholders in Company ABC to full ordinary shares
What is the most likely impact of the triggering of a poison pill strategy at this stage in the bidding process?
- A. It is too late for a poison pill strategy to have any impact on a hostile takeover because Company BCD has already built up a significant stake in Company ABC.
- B. Company BCD loses value on its shareholding and has to sell at a loss before losing more value
- C. The threat of a hostile takeover is reduced because Company ABC becomes more expensive to buy.
- D. Company ABC becomes less attractive due to a fall in value of the shares as a result of the discount.
正解：C
質問 # 251
Company W has received an unwelcome takeover bid from Company B.
The offer is a share exchange of 3 shares in Company B for 5 shares in Company W or a cash alternative of $5.70 for each Company W share.
Company B is approximately twice the size of Company W based on market capitalisation. Although the two companies have some common business interested the main aim of the bid is diversification for Company B.
Company W has substantial cash balances which the directors were planning to use to fund an acquisition.
These plans have not been announced to the market.
The following share price information is relevant.
Which of the following would be the most appropriate action by Company W's directors following receipt of this hostile bid?
- A. Write to shareholders explaining fully why the company's share price is under valued.
- B. Change the Articles of Association to increase the percentage of shareholder votes required to approve a takeover.
- C. Refer the bid to the country's competition authorities.
- D. Pay a one-off special dividend.
正解：A
質問 # 252
Company ADE is an unlisted company; it needs to raise a significant amount of finance to fund future expansion. The directors are considering listing the company on the local stock exchange The following discussions have taken place between some of the directors:
Director A - We consider a public issue of bonds in the capital markets, we don't need to list to issue the bonds which will save time and money.
Director B - We should list on the Alternative Investment Market (AIM) and not the main market to avoid any regulatory requirements Director C - We should remain unlisted; we can access an unlimited amount of equity finance through a rights issue Director D - Listing will increase Company ADE's ability to raise new equity and debt finance in the future.
Director E - If we list, Company ADE will be a more likely target for a takeover than if we remain unlisted.
Which TWO of the directors' statements are correct?
- A. Director E
- B. Director D
- C. Director A
- D. Director B
- E. Director C
正解：B、D
質問 # 253
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 # 254
On 1 January 20X1, a company had:
* Cost of equity of 10 0%.
* Cost of debt of 5.0%
* Debt of $100Mmilion
* 100 million $1 shares trading at $4.00 each.
On 1 February 20X1:
* The company's share police fell to $3.00.
* Debt and the cost of debt remained unchanged
The company does not pay tax.
Under Modigliani and Miller's theory without lax. what is the best estimate of the movement in the cost of equity as a result of the fall in ne share price?
- A. It will stay the same at 10.0%.
- B. It will rise to 11.2%.
- C. It will rise to 10.3%.
- D. It will fall to 9.3%.
正解：A
質問 # 255
Delta and Kappa both wish to borrow $50m.
Delta can borrow at a fixed rate of 12% or at a floating rate of the risk-free rate +3% Kappa can borrow at 15% fixed or the risk-free rate +4%.
Delta wishes a variable rate loan and Kappa a fixed rate loan The bank for the two companies suggests a swap arrangement The two companies agree to a swap arrangement, sharing savings equally What is the effective swap rate for each company?
- A. Delta pays 11%, Kappa pays the risk-free rate +3%
- B. Delta pays 12%, Kappa pays the risk-free rate +4%
- C. Delta pays the risk-free rate +2%, Kappa pays 14%
- D. Delta pays the risk-free rate +3%, Kappa pays 15%
正解：D
質問 # 256
An unlisted software development business is to be sold by its founders to a private equity house following the initial development of the software. The business has not yet made a profit but significant profits are expected for the next three years with only negligible profits thereafter. The business owns the freehold of the property from which it operates. However, it is the industry norm to lease property.
Which THREE of the following are limitations to the validity of using the Calculated Intangible Value (CIV) method for this business?
- A. Significant profits are forecast for the next three years with only negligible profits thereafter.
- B. The business has not yet made a profit.
- C. The business owns the freehold property from which it operates.
- D. The CIV method cannot be applied to an unlisted company.
- E. The intellectual property representing the software development has not been included in the accounts.
正解：B、C、E
質問 # 257
A company's Board of Directors is considering raising a long-term bank loan incorporating a number of covenants.
The Board members are unsure what loan covenants involve.
Which THREE of the following statements regarding loan covenants are true?
- A. A loan covenant has no contractually binding obligations.
- B. A financial covenant usually requires the company to adhere to specific financial conditions or targets.
- C. A positive loan covenant would require the company to undertake specific actions.
- D. A restrictive covenant prohibits the company from conducting certain actions without the approval of the lending institution.
- E. A covenant gives the financial institution the right but not the obligation to convert debt into equity in a case of non-compliance.
正解：B、C、D
質問 # 258
The value of a call option will increase because of:
- A. A decrease in the market value of the share
- B. An increase in the time to expiry.
- C. An increase in the strike price.
- D. A decrease in the volatility of the share.
正解：B
質問 # 259
A company has borrowings of S5 million on which it pays interest at 8%. It has an operating profit margin of
20%.
The company plans to increase borrowings by S2 million Interest on additional borrowings would be 10% and the operating profit margin would remain unchanged A debt covenant attached to the new borrowings requires interest cover to be at least 4 times throughout the period of the borrowing Interest cover is defined in the loan documentation as being based on operating profit What is the minimum sales value required each year to avoid a breach of the interest cover covenant'
- A. S12.00 million
- B. S2.88 million
- C. S3.00 million
- D. TS2.40 million
正解：D
質問 # 260
A company needs to raise $20 million to finance a project.
It has decided on a rights issue at a discount of 20% to its current market share price.
There are currently 20 million shares in issue with a nominal value of $1 and a market price of $5 per share.
Calculate the terms of the rights issue.
- A. 1 new share for every 25 existing shares
- B. 1 new share for every 4 existing shares
- C. 1 new share for every 20 existing shares
- D. 1 new share for every 5 existing shares
正解：B
質問 # 261
A company plans to cut its dividend but is concerned that the share price will fall. This demonstrates the
_____________ effect
正解：
解説：
clientele
質問 # 262
Company A is a listed company that produces pottery goods which it sells throughout Europe. The pottery is then delivered to a network of self employed artists who are contracted to paint the pottery in their own homes.
Finished goods are distributed by network of sales agents.The directors of Company A are now considering acquiring one or more smaller companies by means of vertical integration to improve profit margins.
Advise the Board of Company A which of the following acquisitions is most likely to achieve the stated aim of vertical integration?
- A. A pottery factory in the Middle East.
- B. A company that produces accessories.
- C. A listed international logistics firm.
- D. A company in a similar market to Company A.
正解：C
質問 # 263
An all equity financed company reported earnings for the year ending 31 December 20X1 of $8 million.
One of its financial objectives is to increase earnings by 5% each year.
In the year ending 31 December 20X2 it financed a project by issuing a bond with a $1 million nominal value and a coupon rate of 4%.
The company pays corporate income tax at 20%.
If the company is to achieve its earnings target for the year ending 31 December 20X2, what is the minimum operating profit (profit before interest and tax) that it must achieve?
- A. $8.40 million
- B. $10.54 million
- C. $10.50 million
- D. $6.69 million
正解：B
質問 # 264
The table below shows the forecast for a company's next financial year:
The forecast incorporates the following assumptions:
* 25% of operating costs are variable
* Debt finance comprises a $400 million fixed rate loan at 5%
* Corporate income tax is paid at 25%
The company plans to do the following next year from the forecast earnings on the assumption that earnings will be equivalent to free cash flow:
* Pay a total dividend of $20 million
* Invest $40 million in new projects
What is the maximum % reduction in operating activity that could occur next year before the company's dividend and investment plans are affected?
Give your answer to the nearest 0.1%.
- A. 4.8, 4.7, 4.9, 5.0, 4.6, 4.80, 4.70, 4.90, 5.00, 3.60%
- B. 4.8, 4.7, 4.9, 5.0, 4.6, 4.80, 4.70, 4.90, 5.00, 4.60%
正解：B
質問 # 265
Company H is considering the valuation of an unlisted company which it hopes to acquire.
It has obtained the target company's financial statements.
Company H has been advised that the book value of net assets as shown in the financial statements of the target company does not provide a reliable indicator of their true value.
Advise the Board of Directors which of the following THREE statements are disadvantages of the net asset basis of valuation?
- A. The net book value of current assets is normally a reliable indicator of their realisable value.
- B. The net book value of assets is merely a record of past transactions which complies with accounting conventions.
- C. The net realisable value is usually different from the net book value shown in the financial statements.
- D. The net book value of assets can be obtained from the financial statements.
- E. Intangible assets are often not shown in the company's financial statements.
正解：B、C、E
質問 # 266
M is an accountant who wishes to take out a forward rate agreement as a hedging instrument but the company treasurer has advised that a short-term interest rate future would be a better option.
Which of the following is true of a short-term interest rate future?
- A. The date is flexible and the position can be closed quickly and easily.
- B. It interest rates have gone down the price of the future will have fallen.
- C. It can be tailored to the exact reeds of the company.
- D. It must be kept for ne whole duration of the contract
正解：D
質問 # 267
A listed company in a high technology industry has decided to value its intellectual capital using the Calculated Intangible Value method (CIV).
Relevant data for the company:
* Pays corporate income tax at 30%
* Cost of equity is 9%, pre-tax cost of debt is 7% and the WACC is 8%
* The value spread has been calculated as $26 million
Calculate the CIV for the company.
- A. 228 million
- B. 325 million
- C. 289 million
- D. 531 million
正解：A
質問 # 268
......
リアルCIMA F3試験問題 [更新されたのは2024年]：https://jp.fast2test.com/F3-premium-file.html
無料F3試験問題集には合格させるお手軽に試験合格：https://drive.google.com/open?id=1vUifV11W6Xs3GM4f409mO74URwl8pMS8