[2022年05月] 最新のCIMA Management P2試験解答豪華セット問題集
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質問 45
A project is viable because it has a positive net present value (NPV).
Details of four of the input variables, together with the sensitivity of the viability of the project to a change in each one in isolation, are given below.
Which of the following statements is correct?
- A. The resale value at the end of the project is the most sensitive of the four variables.
- B. A 1% change in the initial investment will result in a change of 3% in the NPV.
- C. If the rate of taxation on profits increases to 40% then the project will no longer be viable.
- D. If the incremental annual cash contributions reduce by more than 8% then the project will no longer be viable.
正解: D
質問 46
Place the correct quality cost classification against each cost described below.
正解:
解説:
質問 47
In accordance with a just-in-time (JIT) philosophy, which of the following is regarded as a value added activity?
- A. Moving work in progress around production facilities
- B. Dispatching products to customers
- C. Inspecting raw material deliveries
- D. Holding inventory
正解: B
質問 48
A company classifies its main factory as an investment centre. Categorise each of the following costs as either controllable or uncontrollable by the investment centre manager.
正解:
解説:
質問 49
For a pharmaceutical manufacturer, in which perspective of the Balanced Scorecard should the performance measure 'number of patents granted during the year' be included?
- A. Innovation and learning
- B. Internal business processes
- C. Customer
- D. Financial
正解: A
質問 50
The following information is available for four investment projects:
A discount rate of 12% is appropriate for all four projects. The organization is subject to capital rationing and wishes to prioritise the projects using the profitability index (PI).
Which project has the highest PI?
- A. Project D
- B. Project C
- C. Project B
- D. Project A
正解: C
質問 51
Using the Value Chain model for a manufacturing company, place the correct primary activity classification against each of the activities described.
正解:
解説:
質問 52
The following forecast data relate to the first three years of a five year project.
The project will require an initial investment of $30,000 in non-current assets.
All revenue will be received in the year it is earned and all operating costs will be paid in the year they are incurred. Tax will be paid in the following year.
Tax depreciation will be 25% per annum of the reducing balance.
The taxation rate will be 30% of taxable profits.
What is the forecast after tax cash flow for year 3 (to the nearest $10)?
- A. $39,750
- B. $46,000
- C. $38,500
- D. $45,890
正解: D
質問 53
The money cost of capital is 12%. The expected rate of inflation is 4%. What is the real cost of capital?
Give your answer to 2 decimal places.
正解:
解説:
7.69 %, 7.70 %
質問 54
You have just assessed an investment proposal, involving an immediate cash outflow followed by a series of cash inflows over the next 7years, by deducing the NPV and the IRR. You have now discovered that you have underestimated the discount rate.
Correcting the underestimation will have the following effect, relative to your original deductions:
- A. Not enough information given for an answer
- B. NPV and IRR will both increase
- C. NPV will reduce, IRR will not change
- D. NPV and IRR will not change
- E. NPV will increase, IRR will reduce
正解: C
質問 55
An organization uses a balanced scorecard approach to performance measurement, both at the corporate level and to assess the performance of each of its responsibility centre managers.
Which THREE of the following statements are valid in respect of the effect of this approach on the behavior of the responsibility centre managers?
- A. It encourages them to focus mainly on short-term financial measures.
- B. It encourages them to make decisions that are in line with corporate objectives.
- C. It encourages them to identify, and deal with, problems at an earlier stage.
- D. It provides them with clear guidance as to how customer satisfaction problems should be solved.
- E. It provides them with a range of performance measures to discourage a tendency to focus on only one measure.
正解: B,C,E
質問 56
A group consists of two divisions, Alpha and Beta, both of which are profit centers. Alpha sells a product to the external market and also sells it as an intermediate product to Beta.
Beta then processes further before selling the final product to the external market. The current group transfer pricing policy requires Alpha to charge Beta with the variable cost of production.
Which of the following statements is valid?
- A. A dual pricing approach to transfer pricing would increase Beta's total profit and reduce Alpha's.
- B. Transfer prices only affect the assessment of performance of investment centres, not of profit centres.
- C. A two-part tariff would provide a more effective basis for assessing divisional performance.
- D. If Alpha has unfulfilled external demand then the transfer price should always be set at variable cost.
正解: C
質問 57
An 80% learning curve will apply to the production of a new product. The first unit will require 120 labor hours. The labor rate is $11 per hour.
To the nearest $1, the expected total labor cost for the first 4 units is:
- A. $4,224
- B. $5,280
- C. $3,379
- D. $845
正解: C
質問 58
An organization is considering purchasing a new machine which will cost $600,000. The new machine will generate cost savings of $200,000 each year for five years. The cost of capital is 12%.
The profitability index (PI) for the investment in the new machine is:
Give your answer to one decimal place.
正解:
解説:
1.2, 0.2
質問 59
A large manufacturing company sells a range of products. Details of one of these products are as follows.
Each completed batch is delivered immediately in full to the one customer that purchases this product.
The delivery vehicle is currently only 50% full when it makes these deliveries. The customer will accept deliveries of any size.
Managers are considering changing the production batch size to 150 units.
Increased material storage would be needed; this can be rented nearby at a cost of $1,500 per month.
The additional storage facility would enable an increase in the reorder quantity for the materials. As a result a 5% discount would be received on all materials purchased.
Using direct product profitability (DPP), what will be the monthly profit attributable to the product if the production batch size is changed to 150 units?
Give your answer to the nearest whole $.
正解:
解説:
$23780
質問 60
Firefighters risk serious and potentially fatal accidents whenever they attend an incident.
Which of the following statements is correct?
- A. The risk of serious accidents should be accepted in all but the most extreme incidents.
- B. Every incident should be the subject of a detailed and thorough risk assessment before the firefighters are permitted to respond.
- C. The risk of serious accidents should be avoided because the risk has a high probability and a high impact.
- D. The risk of serious accidents should always be accepted because that is what firefighters are paid to do.
正解: A
質問 61
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