更新されたPDF（2023年最新）実際にあるCIMA F3試験問題
検証済みのF3試験問題集PDF[2023年最新] 成功の秘訣はJPNTest
CIMA F3試験はコンピュータベースの試験であり、3時間の持続時間があります。試験は2つのセクションに分かれており、60の客観的なテスト問題が含まれています。最初のセクションは、財務管理の原則と技術を理解しているかどうかを評価し、2番目のセクションは、これらの原則と技術を実際のシナリオに適用できる能力を評価します。試験に合格するには、各セクションで少なくとも70％のスコアを取得する必要があります。試験は、候補者の批判的思考能力と問題解決能力を試すように設計されており、合格することはチャータードマネジメントアカウンターになるための重要なステップです。
CIMA CIMAPRA19-F03-1試験は、認定管理会計士になりたい人にとって必要不可欠なステップです。財務戦略に関連するさまざまなトピック、財務報告、リスク管理、投資の意思決定を含みます。この試験の準備をするには、受験者はシラバスを徹底的に勉強し、過去の問題を練習し、CIMAプロフェッショナルコンピテンシーフレームワークに精通している必要があります。
質問 # 120
A company's latest accounts show profit after tax of $20.0 million, after deducting interest of $5.0 million. The company expects earnings to grow at 5% per annum indefinitely.
The company has estimated its cost of equity at 12%, which is included in the company WACC of 10%.
Assuming that profit after tax is equivalent to cash flows, what is the value of the equity capital?
Give your answer to the nearest $ million.
$ ? million
- A. 300, 300000000
- B. 100, 300000000
正解：A
質問 # 121
Which THREE of the following statements are correct in respect of the issuance of debt securities.
- A. The redemption yield on a corporate bond can be determined by calculating the internal rate of return based on the cash flows arising during the duration of the bond.
- B. Investors in traded bonds have an ownership (or equity stake) in the company which issued the bonds.
- C. A bond issuer must appoint at least one market-maker to ensure that there is a liquid market in its traded bonds.
- D. Governments are the most frequent issuers of bonds and the proceeds are used to fund government expenditure or service the national debt.
- E. A corporate entity coming to the bond market for the first time will find it easier to issue corporate bonds than to arrange a conventional term loan.
正解：B、D、E
質問 # 122
Select the most appropriate divided for each of the following statements:
正解：
解説：
質問 # 123
The value of a call option will increase because of:
- A. An increase in the strike price.
- B. A decrease in the market value of the share
- C. An increase in the time to expiry.
- D. A decrease in the volatility of the share.
正解：B
質問 # 124
D has US$10 million to invest over 12 months in either USS or GBP Its options are to invest in USS at the present USS interest rate of 10 18%. or to convert the USS to GBP at the spot rate GBP1 =US$1 61 and invest in GBP at an interest rate of 6.4%.
According to the interest rate parity theory, what will the one year forward rate be?
Give your answer to three decimal places.
- A. 1.667
- B. 1.668
正解：A
質問 # 125
Listed company R is in the process of making a cash offer for the equity of unlisted company S.
Company R has a market capitalisation of $200 million and a price/earnings ratio of 10.
Company S has a market capitalisation of $50 million and earnings of $7 million.
Company R intends to offer $60 million and expects to be able to realise synergistic benefits of $20 million by combining the two businesses. This estimate excludes the estimated $8 million cost of integrating the two businesses.
Which of the following figures need to be used when calculating the value of the combined entity in $ millions?
- A. 20, 50, 60, 200
- B. 8, 20, 50, 200
- C. 7, 10, 20, 50, 200
- D. 8, 20, 50, 60, 200
正解：D
解説：
Explanation
Calculation_F0
Calc_Set1
質問 # 126
Which THREE of the following statements are true of a money market hedge?
- A. They are easy to set up.
- B. They may be a little more flexible in comparison to a forward contract.
- C. They offer roughly the same outcome as a forward contract.
- D. They are more complex than forward contracts.
- E. They leave the company exposed to currency risks.
正解：C、D、E
質問 # 127
A company has in a 5% corporate bond in issue on which there are two loan covenants.
* Interest cover must not fall below 3 times
* Retained earnings for the year must not fall below $3.5 million
The Company has 200 million shares in issue.
The most recent dividend per share was $0.04.
The Company intends increasing dividends by 10% next year.
Financial projections for next year are as follows:
Advise the Board of Directors which of the following will be the status of compliance with the loan covenants next year?
- A. The company will be in breach of both covenants.
- B. The company will breach the covenant in respect of retained earnings only.
- C. The company will be in breach of the covenant in respect of interest cover only.
- D. The company will be in compliance with both covenants.
正解：B
質問 # 128
Company T is a listed company in the retail sector.
Its current profit before interest and taxation is $5 million.
This level of profit is forecast to be maintainable in future.
Company T has a 10% corporate bond in issue with a nominal value of $10 million.
This currently trades at 90% of its nominal value.
Corporate tax is paid at 20%.
The following information is available:
Which of the following is a reasonable expectation of the equity value in the event of an attempted takeover?
- A. $41.6 million
- B. $50.2 million
- C. $32.0 million
- D. $65.0 million
正解：A
質問 # 129
A venture capitalist invests in a company by means of buying:
* 9 million shares for $2 a share and
* 8% bonds with a nominal value of $2 million, repayable at par in 3 years' time.
The venture capitalist expects a return on the equity portion of the investment of at least 20% a year on a compound basis over the first 3 years of the investment.
The company has 10 million shares in issue.
What is the minimum total equity value for the company in 3 years' time required to satisify the venture capitalist's expected return?
Give your answer to the nearest $ million.
$ million.
正解：
解説：
34, 35,
34000000, 35000000
質問 # 130
A manufacturing company is based in Country L whose currency is the L$.
One of the company's products is exported to Country M, a rapidly growing economy, whose currency is the M$.
In the most recent financial year:
* 100,000 units of the product were sold to customers in country M
* The unit selling price was M$12
The spot rate today is L$1 = M$5
The company has an objective of growth in total sales value in L$ of 10% a year.
If the L$ strengthens by 5% next year against the M$, what volume of sales of this product is needed next year to achieve the objective?
- A. 105,000 units
- B. 115,500 units
- C. 104,500 units
- D. 110,000 units
正解：B
質問 # 131
A is a listed company. Its shares trade on a stock market exhibiting semi-strong form efficiency.
Which of the following is most likely to increase the wealth of A's shareholders?
- A. Announcing that a non-current asset will be revalued in the statement of financial position.
- B. Announcing that a project will be undertaken generating a positive net present value.
- C. Announcing that inventory will be impaired.
- D. Announcing that the final dividend will remain unchanged from the previous 3 years.
正解：B
質問 # 132
AA is considering changing its capital structure. The following information is currently relevant to AA:
The gearing rating raising the new debt finance will be 50%.
Which THREE of the following statement about the impact of AA's change in capital structure are true under Modigliani and Miler's capital structure theory with tax.
- A. The WACC will decrease below 7.6%
- B. The cost of equity will increase above 10%
- C. The WACC increase above 7.6
- D. The cost of equity will decrease below 10%
- E. The cost of debt will increase above 4%
- F. The cost of debt remain unchanged at 4%
正解：A、C、F
質問 # 133
Two unlisted companies TTT and YYY are being valued. The companies have similar capital structures and risk profiles and operate in the same industry sector It is easier to value TTT than to value YYY because there have recently been several well-publicised private sales of TTT shares.
Relevant company data:
What is the best estimate of YYY's share price?
- A. $0.68
- B. $0.94
- C. $0.60
- D. $1.20
正解：D
質問 # 134
HHH Company has a fixed rate loan at 10.0%, but wishes to swap to variable. It can borrow at the risk-free rate +8%. The bank is currently quoting swap rates of 3.1% (bid) and 3.5% (ask). What net rate will HHH Company pay if it enters into the swap?
- A. Risk-free rate+3.1%
- B. Risk-free rate +6.9%
- C. Risk-free rate +6.5%
- D. Risk-free rate +8%
正解：A
質問 # 135
Company AD is planning to acquire Company DC. It is evaluating two methods of structuring the terms of the bid, which will be ether a debt-funded cash offer or a share exchange
The following Information is relevant
* The two companies are of similar size and in related industries
* AB's gearing ratio measured as debt to debt plus equity, is currently 30% based on market values. This Is the company's optimum capital structure set to reflect the risk appetite of shareholders.
* The combined company is expected to generate savings and synergies
Which THREE of the following are advantages to AB's shareholders of a debt-funded cash offer compared with a share exchange?
- A. WACC will increase f credit worthless falls too low, further increasing the returns to shareholders.
- B. More of the synergistic benefits of the acquisition will accrue to AB's current shareholders.
- C. Gearing will increase.
- D. Shareholder control will remain with AB's current shareholders
- E. EPS Mil Increase
正解：C
質問 # 136
A company's annual dividend has grown steadily at an annual rate of 3% for many years. It has a cost of equity of 11%. The share price is presently $64.38.
The company is about to announce its latest dividend, which is expected to be $5.00 per share.
The Board of Directors is considering an attractive investment opportunity that would have to be funded by reducing the dividend to $4.50 per share. The board expects the project to enable future dividends to grow by 5% every year and the cost of equity to remain unchanged.
Calculate the change in share price, assuming that the directors announce their intention to proceed with this investment opportunity.
Give your answer to 2 decimal places.
$ ?
正解：
解説：
14.37
質問 # 137
Company M plans to bid for Company J.
Company M has 20 million shares in issue and a current share price of $10.00 before publicly announcing the planned takeover. Company J has 10 million shares in issue and a current share price of $4.00.
The directors of Company M are considering an all-share bid of 1 Company M shares for 2 Company J shares.
Synergies worth $20m are expected from the acquisition.
What is the likely change in wealth for Company M's shareholders (in total) if the bid is accepted?
Give your answer to the nearest $ million.
$ ? million
正解：
解説：
8
質問 # 138
A company has identified potential profitable investments that would require a total of S50 million capital expenditure over the next two years The following information is relevant.
* The company has 100 million shares in issue and has a market capitalisation of S500 million
* It has a target debt to equity ratio of 40% based on market values This ratio is currently 30%
* Earnings for the current year are expected to be S1 00 million
* Its last dividend payment was $1 per share One of the company's objectives is to increase dividends by at least 10% each year
* The company has no cash reserves
Which of the following is the most suitable method of financing to meet the company's requirements?
- A. Maintain dividends at $1 per share for the next two years.
- B. Use a share repurchase scheme rather than pay a cash dividend
- C. Increase debt to meet the target debt to equity ratio.
- D. Reduce dividends for this year only to 50 cents a share.
正解：B
質問 # 139
The Treasurer of Z intends to use interest rate options to set an interest rate cap on Z's borrowings.
Which of the following statement is correct?
- A. The Treasurer will have to negotiate the options with Z's Dark
- B. The Treasurer will retain the benefit of movcTcnt3 in interest ratc3 below the floor limit.
- C. The cost of a collar is lower than the cost of a cap a one.
- D. The Treasurer should buy an interested rate floor and sell an interested cap ta the same time
正解：C
質問 # 140
A listed company follows a policy of paying a constant dividend. The following information is available:
* Issued share capital (nominal value $0.50) $60 million
* Current market capitalisation $480 million
The shareholders are requesting an increased dividend this year as earnings have been growing. However, the directors wish to retain as much cash as possible to fund new investments. They therefore plan to announce a 1-for-10 scrip dividend to replace the usual cash dividend.
Assuming no other influence on share price, what is the expected share price following the scrip dividend?
Give your answer to 2 decimal places.
$ ?
- A. 3.64, 3.63, 3.66
- B. 3.64, 3.63, 3.65
正解：B
質問 # 141
An unlisted company operates in a niche market, exploring the west coast of Africa for new oiI reservoirs.
The oil exploration program has been successful in recent years and t now has a substantial amount of oil reserves with a high level of certainty of being recoverable Under financial reporting regulations, oil still in the ground is not recognised as an asset unit is extracted.
The expense of the exploration program has used up all the company's available cash resources.
The company has denied to list or a stock market and raise finds through an initial public offering to finance its drilling program.
Which of the following valuation methods in the appropriate to use in calculating an initial listing price for this company?
- A. Net asset valuation based on book values.
- B. Framings valuation using the ratio of a multinational oil exploration company
- C. Discounted cash flow valuation
- D. Market capitalisation.
正解：C
質問 # 142
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