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CMA Certification CMA-Strategic-Financial-Management試験と認定テストエンジン
CMA Part 2試験は、合計100問の択一問題を2つのセクションで構成しています。最初のセクションは、財務諸表分析、企業金融、意思決定分析、およびリスク管理をカバーしています。2番目のセクションは、投資決定、職業倫理、金融商品と市場、およびコスト管理をカバーしています。試験は、世界中のPearson VUEテストセンターを通じて実施され、4時間以内に完了する必要があります。
IMA CMA-Strategic-Financial-Management試験（CMA Part 2とも呼ばれます）は、キャリアアップを目指す金融専門家向けの専門資格試験です。この試験は戦略的な財務管理に焦点を当て、財務の意思決定、計画、分析に関する候補者の知識とスキルをテストすることを目的としています。
CMA Part 2 試験の準備には、IMA が提供する学習資料、オンラインコース、練習問題などのリソースを活用することができます。多くの候補者は、包括的な試験準備やサポートを提供する CMA レビューコースにも参加することを選択しています。献身と努力によって、候補者は CMA Part 2 試験に合格し、キャリアを次のレベルに進めることができます。
質問 # 24
Your organization is considering implementing an Enterprise Risk Management process. You expect to obtain many benefits from this process. Which of the following is not an expected Benefit?
- A. Seizing opportunities.
- B. Eliminating risk response decisions
- C. Reducing operational surprises and losses
- D. Aligning risk appetite and strategy
正解：B
質問 # 25
How many units should be produced and sow it AMI'S target net income is $600,000? Snow your calculations.
Apex Manufacturing lnc. (AMI) is a Canada-based company that manufactures a manufactures and unique part for aircrafts. It has few competitors in the market. The company is exposed to exchange rate risk because about 90% of its products are exported to the U.S, and most of its sales contracts are in U.S. dollars. AMI has the capacity to manufacture 1,500 units of the part per year. For the year just ended. AMI manufactured and sold 1,000 units. The operating results are shown below.
Recently, A new customer made a one-area order of 500 units of the part at $1.200 per unit. The CTO asked the controller to analyze this offer. AMI is considering adjusting its sales price next year in a recent meeting, the CFO suggested to use the market-based approach for pricing decisions, bat the controller insisted that the cost-based approach is more favorable to the company.
正解：
解説：
See the explanation for the answer.
Explanation
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質問 # 26
LMN Ltd, a British firm, has a financial covenant with its bank mat interest coverage based on earnings before interest taxes, depreciation, and amortization (EBITDA), must be at least 2.5 for each quarter Shown below are summary financial data.
An expected decline m sales will result In net Income of £ 1.500.000 The other elements of EBITDA will be similar to the most recently completed Quarter Given the above information, what is the ratio for the latest completed quarter and do the forecasted results meet the required covenant?
- A. 1.31. and will not be compliant in the next quarter
- B. 2.69 and will not be compliant in the next quarter
- C. 2.50. and will not be compliant in the next quartet
- D. 2.59. and will be compliant in the next quarter
正解：B
質問 # 27
An accountant is employed in the financial reporting department of a publicly-traded company. The company s compensation plan includes a year-end bonus based on the entity's financial performance and stock option rewards based on individual performance Using iMAs Statement of Ethical Professional Practice, identify the ethical Issues, if any, that may Be presented by this company s compensation plan.
- A. The plan could threaten the accountant s credibility
- B. The pan could threaten the accountant s competence
- C. No significant potential threats are presented by the plan
- D. The plan could threaten the accountant's integrity
正解：D
質問 # 28
Which one of the following moral philosophies states that the morality of an action is inherent and not based on the consequences of the action?
- A. Utilitarianism
- B. Relativism
- C. Teleology
- D. Deontology
正解：D
質問 # 29
A company is considering investing £1 million for a new machine. The new machine is expected to generate
£450,000 incremental before-tax operating cash inflows and £100.000 in additional depreciation expense for each of the next ten years. The company uses the same depreciation assumptions tor book and tax purposes. If the company's income tax rate is 30%, what is the change in the yearly after-tax cash flow from operations if the company invests in the new machine?
- A. £345, 000
- B. £295, 000
- C. £315,000
- D. £245,000
正解：A
質問 # 30
Which one of the following would best ensure the effectiveness of an organization s code of conduct?
- A. Hold periodic employee workshops that illustrate expected behaviors in business situations in which ethical issues may arise
- B. Require executives and managers to take individual responsibility for practicing ethical behavior
- C. Distribute the document internally to staff and externally to suppliers and distributors to increase awareness of ethics considerations
- D. Incorporate ethics training for all new employees as a standard part of the orientation process
正解：A
質問 # 31
With respect to the COSO Enterprise Risk Management Integrated Framework (2017), which one of the following statements is true regarding Governance & Culture and Performance?
- A. They are both components of the Integrated Framework
- B. They are both principles of the Integrated Framework
- C. Performance is a principle and Governance & Culture is a component of the Integrated Framework
- D. Governance & Culture is a principle and Performance is a component of the Integrated Framework
正解：A
質問 # 32
Slam-Dunk Shoes has 5,000 pairs or damaged shoes in inventory. The cost of these shoes was $51,000. in their present condition, the shoes may be sold at clearance prices for $29,000 Slam-Dunk can have the shoes repaired at a cost of $77,000 after which they can be sold for $100,000. What is the opportunity cost of selling the shoes in their present damaged condition?
- A. $23.000
- B. $100, 000
- C. $77, 000
- D. $71.000
正解：A
質問 # 33
Which one of the following statements best describes an offering after an initial public offering where a benchmark stock price will already exist?
- A. Subsequent or secondary public offering.
- B. Over-the-counter offering
- C. Stock repurchase
- D. Private placement
正解：A
質問 # 34
if a company increases the price of its product from $3010 $35, demand would decrease from 30, 000 units to
20.000 units. What is the price elasticity of demand for the company using the midpoint formula?
- A. 0.4
- B. 0.5
- C. 2.7
- D. 2.0
正解：C
質問 # 35
London Corporation has in the following cost structure for two of its product.
Assume that me current sales level is 15,000 units of Product A and 5,000 units of Product B Using cost-volume-profit analysis which of the following courses of action would maximize profit in the short term?
Assume that fixed costs are sunk costs in the short term.
- A. Continue to make and sell Product B only
- B. Continue to make and sell Product A only.
- C. Discontinue making and selling Doth products
- D. Continue to make and sell both Product A and Product B
正解：B
質問 # 36
In an Enterprise Risk Management environment, which one of the following is the best example of risk sharing?
- A. Outsourcing business processes
- B. Self-insuring against loss
- C. Reallocating capital among operating units
- D. Establishing operational limits
正解：A
質問 # 37
Discuss whether AMI should use a cost-based or a market-based pricing approach. Explain your answer.
Essay
Food Depot Ltd, (FDL) is a privately-held company that provides catering services to airlines and operates several restaurant chains including fast food, casual dining, and fine dining restaurants, FDL has been profitable in recent years and has a very strong cash position. FDL's newest division. Food_TO-Go is an online meal ordering and delivery platform acquired by FDL two year ago.
In 20X7, sales for the entire company were $1 billion, with 50% of the business coming from the Airline Catering division. FDL is the country 's leading airline catering services provider and control 60% of the market share. However, the outlook of the airline catering industry is gloomy. The compound annual growth rate of the industry for the past five years was only 0.5% as airline networks have increasingly dropped catering on short domestic flights.
The Food-To-division only contribution 5% of FDL's total sales in 20X7 and is far behind in competing for marketing for market share of the online meal ordering and delivery industry, it is estimated that Food-To-Go's sales were only 20% of the industry leader's sales. However, the outlook for the online meal ordering and delivery services industry is bright. The compound annual growth rate of the industry since it started three years ago was 50%. It is estimated the rapid growth of the industry will continue in the foreseeable future.
Susan Willey, the head of Food-To-Go, does not agree that the Airline Catering division is the best-performing division in the company. Wiley argues that ber division bad the highest ROI in 20X7, and it deserves more capital finding. FDL's requested rate of return is 12%. The selected financial data for the Airline Catering division and Food-To-Go division in 20X7 are as follow (in $ millions)
正解：
解説：
See the explanation for the answer.
Explanation
It should continue using market based pricing as the bargaining power is with the company not with me customer the products they make are important for me customers and there is a few competition hence it is an opportunity for Item to charge a premium for their products.
質問 # 38
A company's balance sheet information at the end of July is shown below (in$000s).
What is the company's financial leverage ratio?
- A. 3.89
- B. 1.69
- C. 2.45
- D. 3 74
正解：B
質問 # 39
Delman inc considering upgrading its manufacturing facility, and it is expected that the new equipment will cost $180,000. The project's is considering similar to the risk of the firm's other investments. the after-tax cash inflows attribute to this project are expected to increase by $50,000 every year over the next five years. The firm's marginal tax rate is 30%, its debt-to-equal ratio (using market values) is 60%, and its pre-tax cost of debt and equity are 8% and 12% respectively. the weighted average cost of capital appropriate for evaluating this project is closest to
- A. 8.2%
- B. 10.5%
- C. 9.6%
- D. 8.0%
正解：C
質問 # 40
Which one of the following situations describes a secondary offering of stock by a company?
- A. The company has an initial public offering of its stock and its investment bank needs to add mote shares to the initial public offering to meet excess demand by investors
- B. The company repurchases shares of its stock in the open market, but it then later sells these shares in the open market
- C. After completing its initial public offering, the company sells more new shares of its stock
- D. After the lockup period of the initial public offering ends, the company 3 founders sell some of their shares to the public
正解：D
質問 # 41
A market in which no organized physical exchange exists is referred as a(n)
- A. efficient market
- B. primary market
- C. secondary market
- D. over-the-counter market
正解：D
質問 # 42
SSA inc. issues 4% bonds with a lace value of $500,000 when the market rate of interest is 3% for similar bonds. The bonds mature in 10 years, and pay interest every six months. Which one of the following is closest to the amount of cash SSA will receive upon issued.
- A. $500,000
- B. $459,000
- C. $505,000
- D. $543,000
正解：D
質問 # 43
Explain one reason each Tot and against issuing bonds with a call feature Essay Quality Digital Design (QDD) Inc is a public-traded technology company Selected financial data of QDD for the prior year are as follows
QDD's stock was trading at $160 per share at the beginning of the yea: and at $176 per share by the end of the year. The company paid dividends of S5 per share. The company "s stock had a beta of 1 4 The stock market provided a total return of 12% last year, well above the 3% risk free rate of return QDD is considering the issuance of $200 million of bonds to fund the repurchase of $200 million of its stock.
QDD is evaluating the bond, including its term structure, maturity, and whether it should be callable obtaining the lowest coupon interest is an important objective of QDD. The CFO has estimated that sales for the current year would remain the same as last year and the new bond would add S12 million in annual interest payments.
正解：
解説：
See the explanation for the answer.
Explanation
A callable bond allows companies to pay off their debt early and benefit from favorable interest rate drops a callable bono benefit the issuer and so investors of these bonds are compensated with a more attractive interest rate man on otherwise similar non-callable bonds However callable bonds are more expensive.
質問 # 44
A company is considering a capital project that includes the purchase of a new machine costing $100,000. The machines estimated useful life is five years with no salvage value. The annual operating cash inflows from the project are shown below.
Given an effective income tax rate of 20% and using straight-line depreciation, what would be the projects net cash flow in Year 3?
- A. $32,000
- B. $16,000
- C. $36,000
- D. $20,000
正解：C
質問 # 45
Identify and explain two risks that Guda may face after it acquires Blue Moon.
Essay
Apex Manufacturing lnc. (AMI) is a Canada-based company that manufactures a manufactures and unique part for aircrafts. It has few competitors in the market. The company is exposed to exchange rate risk because about 90% of its products are exported to the U.S, and most of its sales contracts are in U.S. dollars. AMI has the capacity to manufacture 1,500 units of the part per year. For the year just ended. AMI manufactured and sold 1,000 units. The operating results are shown below.
Recently, A new customer made a one-area order of 500 units of the part at $1.200 per unit. The CTO asked the controller to analyze this offer. AMI is considering adjusting its sales price next year in a recent meeting, the CFO suggested to use the market-based approach for pricing decisions, bat the controller insisted that the cost-based approach is more favorable to the company.
正解：
解説：
See the explanation for the answer.
Explanation
The risk is that they don't have experience of real estate industry so the board will not be able to materializes we synergies expected and there is a risk that the property industry might also face a decline and hence the Benefits, expected win not be received.
質問 # 46
A risk with a high frequency of occurrence but with a low impact, is best managed by which one of the following risk response strategies?
- A. Risk reduction
- B. Risk transfer
- C. Risk acceptance
- D. Risk avoidance
正解：A
質問 # 47
Sigma industries is considering purchasing Lambda Products in a cash transaction Sigma financial analysts Dave conducted an extensive amount of negotiation and due diligence and nave summarized the following financial information for management.
* Assets having a 10-year remaining life can be acquired for $22 million
* Assets are to De depreciated over their remaining life on a straight-line basis for Doth book and tax purposes
* Current liabilities of Lambda amounting to S3 million must be assumed by Sigma
* Lambda operations are expected to produce annual pre-tax cash Don of S7 million for the remaining 10 years of operation
* A16% return on investment is required by Sigma for acquisitions of this type
* Sigma's marginal Income tax rate is 35%
What is the net present value to Sigma of the Lambda acquisition rounded to the nearest thousand?
- A. $3,712,000
- B. $6, 921,000)
- C. $712,000
正解：C
質問 # 48
It there is sufficient capacity to fill the order, which of the following are relevant for a special order decision?
- A. Incremental sales revenue incremental variable cost and incremental fixed cost
- B. Incremental sales revenue, incremental contribution and incremental variable cost
- C. Incremental fixed cost incremental contribution and incremental variable cost
- D. Incremental sales revenue, incremental net income, and incremental variable cost
正解：A
質問 # 49
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