[2024年08月] 最新のCIMA CIMAPRA19-F03-1認定練習テスト問題 [Q185-Q203]

[2024年08月] 最新のCIMA CIMAPRA19-F03-1認定練習テスト問題

確認済みCIMAPRA19-F03-1問題集と解答で一年間無料最速更新

CIMA F3（財務戦略）は、財務管理の分野で候補者の知識とスキルをテストするために設計された専門的な認定試験です。この試験は、経営会計士のために世界的に認められた専門機関であるChartered Institute of Management Accountants（CIMA）によって実施されます。 CIMA F3認定試験は、財務戦略、財務報告、予算編成、リスク管理、投資決定など、幅広い財務管理のトピックをカバーしています。

質問 # 185
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 # 186
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. Company ABC becomes less attractive due to a fall in value of the shares as a result of the discount.
B. The threat of a hostile takeover is reduced because Company ABC becomes more expensive to buy.
C. 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.
D. Company BCD loses value on its shareholding and has to sell at a loss before losing more value

正解：B

質問 # 187
Which of the following statements is true of a spin-off (or demerger)?

A. Changes the ownership structure of the core entity by introducing new shareholders.
B. Increases the risk of a takeover bid for the core entity.
C. Allows investors to identify the true value of the demerged business.
D. Raises finance to fund new projects.

正解：C

質問 # 188
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 restrictive covenant prohibits the company from conducting certain actions without the approval of the lending institution.
B. A financial covenant usually requires the company to adhere to specific financial conditions or targets.
C. A loan covenant has no contractually binding obligations.
D. A covenant gives the financial institution the right but not the obligation to convert debt into equity in a case of non-compliance.
E. A positive loan covenant would require the company to undertake specific actions.

正解：A、B、E

質問 # 189
A venture capitalist is considering investing in a management buy-out that would be financed as follows:
* Equity from managers
* Equity from a venture capitalist
* Mezzanine debt finance from a venture capitalist
* Senior debt from a bank
The venture capitalist is planning to work with the management to grow the business in anticipation of an initial public offering within five years.
However, the cash forecast shows a potential shortage of funds in the first year and the venture capitalist is evaluating the potential impact of cash being generated in the first year being significantly lower than forecast.
The most important risk that a shortage of cash would create for the management buyout is that the new company has insufficient funds to:

A. invest in new capital projects required to generate growth.
B. pay interest on bank debt finance.
C. pay contractual director bonuses.
D. pay dividends to venture capitalist.

正解：B

質問 # 190
Which THREE of the following are considered in detail in IFRS 7 Financial Instruments: Disclosures?

A. Credit risk
B. Business risk
C. Enterprise risk
D. Liquidity risk
E. Market risk

正解：A、D、E

質問 # 191
A company wishes to raise new finance using a rights issue. The following data applies:
* There are 10 million shares in issue with a market value of $4 each
* The terms of the rights will be 1 new share for 4 existing shares held
* After the rights issue, the theoretical ex-rights price (TERP) will be $3.80 Assuming all shareholders take up their rights, how much new finance will be raised ?
Give your answer to one decimal place.
$ ? million

正解：

解説：
7.5, 7.50

質問 # 192
A company wishes to raise new finance using a rights issue. The following data applies:
* There are 10 million shares in issue with a market value of $4 each
* The terms of the rights will be 1 new share for 4 existing shares held
* After the rights issue, the theoretical ex-rights price (TERP) will be $3.80
Assuming all shareholders take up their rights, how much new finance will be raised ?
Give your answer to one decimal place.
$ ? million

A. 7.5, 6.50
B. 7.5, 7.50

正解：B

質問 # 193
A company has:
* A price/earnings (P/E) ratio of 10.
* Earnings of $10 million.
* A market equity value of $100 million.
The directors forecast that the company's P/E ratio will fall to 8 and earnings fall to $9 million.
Which of the following calculations gives the best estimate of new company equity value in $ million following such a change?
A)

B)

C)

D)

A. Option D
B. Option B
C. Option C
D. Option A

正解：D

質問 # 194
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 D
B. Director C
C. Director E
D. Director A
E. Director B

正解：A、E

質問 # 195
Company S is planning to acquire Company T.
The shareholders in Company T will receive new shares in Company S in an all-share consideration.
Relevant information:

The shareholders in Company T want sufficient shares to receive a 25% premium on the pre-acquisition value of their shares, based on the pre-acquisition share price.
Which of the following share-for-share offers will achieve the desired result?

A. 2 shares in Company S for 1 share in Company T
B. 10 shares in Company S for 4 shares in Company T
C. 1 share in Company S for 1 share in Company T
D. 1 share in Company S for 2 shares in Company T

正解：C

質問 # 196
A company's Board of Directors is assessing the likely impact of financing new projects by using either debt or equity finance.
The impact of using debt or equity finance on some key variables is uncertain.
Which THREE of the following statements are true?

A. The use of debt finance is always preferable to equity finance.
B. The use of debt finance increases the cost of equity.
C. The use of debt finance will always result in an increase in earnings per share.
D. The use of equity finance reduces the company's overall financial risk.
E. Retained earnings is the cheapest form of equity finance.
F. The use of equity finance will create pressure for increases in dividend per share in the future.

正解：B、D、F

質問 # 197
Which of the following would be a reason for a company to adopt a low dividend pay-out policy?

A. A lack of investment opportunities
B. High profitability
C. Using dividends to give a signal to the stock market
D. A lack of alternative sources of finance

正解：C

質問 # 198
Company ABC is planning to bid for company DDD, an unlisted company in an unrelated industry sector to ABC.
The directors of ABC are considering a number of different valuation methods for DDD before making a bid.
Which of the following is the MOST appropriate method for ABC to use to value DDD?

A. Applying an industry P/E ratio to DDD's forecast earnings.
B. Using DDD's tangible assets.
C. Discounting DDD's forecast cash flows using ABC's cost of equity.
D. Applying Company ABC's P/E ratio to DDD's forecast earnings.

正解：A

質問 # 199
A government is currently considering the privatisation of the national airline. The shares are to be offered to the public via a fixed price Initial Public Offering (IPO).
Which THREE of the following statements are correct?

A. The government will receive significant financial resources from the sale of its shareholding in the national airline.
B. The use of a fixed price offer will ensure that the government raises the maximum amount of finance.
C. The rational airline will receive significant financial resources as a direct result of the shares company shares in the IPO.
D. An IPO is normally underwritten
E. The rational airline employees will no longer be public sector employees following the completion of the privatisation

正解：A、B、C

質問 # 200
CI IJ has decided to move its production plant to overseas country X.
This would make the product cheaper to produce. The technology used to make the product is very advanced and some of the skilled staff would have to move to country X.
The Production Director has identified that there are some political risks in moving to county X.
For each of the political risks of moving to country X shown below, select the correct method for reducing the risk.

正解：

解説：

質問 # 201
Company B is an all equity financed company with a cost of equity of 10%.
It is considering issuing bonds in order to achieve a gearing level of 20% debt and 80% equity.
These bonds will pay a coupon rate of 5% and have an interest yield of 6%.
Company B pays corporate tax at the rate of 25%.
According to Modigliani and Miller's theory of capital structure with tax, what will be Company B's new cost of equity?

正解：B

質問 # 202
Company B is an all equity financed company with a cost of equity of 10%.
It is considering issuing bonds in order to achieve a gearing level of 20% debt and 80% equity.
These bonds will pay a coupon rate of 5% and have an interest yield of 6%.
Company B pays corporate tax at the rate of 25%.
According to Modigliani and Miller's theory of capital structure with tax, what will be Company B's new cost of equity?
A)

B)

C)

D)