最新のF3実際の無料試験問題更新された346問あります
無料で使えるF3試験ブレーン問題集認定ガイドの問題と解答
F3財務戦略試験は、財務管理の分野で知識とスキルを拡大しようとしている金融の専門家にとって理想的です。この試験は、企業金融、投資銀行、または財務分析でキャリアを促進しようとしている人にとって特に有益です。 F3財務戦略試験は、財務管理の知識とスキルを強化して仕事のパフォーマンスを向上させたい人にも適しています。
質問 # 101
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. $0.94
- B. $0.60
- C. $1.20
- D. $0.68
正解：C
質問 # 102
Companies L. M N and O:
* are based in a country that uses the RS as its currency
* have an objective to grow operating profit year on year
* have the same total levels of revenue and cost
* trade with companies or individuals in the United States. All import and export trade with companies or individuals in the United States is priced in US$.
Typical import/export trade for each company in a year are as follows:
Which company's growth objective is most sensitive to a movement in the USS / RS exchange rate?
- A. Company M
- B. Company L
- C. Company O
- D. Company N
正解：B
質問 # 103
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
正解：
解説：
300, 300000000
質問 # 104
F Co. is a large private company, the founder holds 60% of the company's share capital and her 2 children each hold 20% of the share capital.
The company requires a large amount of long-term finance to pursue expansion opportunities, the finance is required within the next 3 months. The family has agreed that an Initial Public Offering (IPO) should not be pursued at this time, because it would take up to 12 months to arrange.
The existing shareholders are currently considering raising the required finance from an established Venture Capitalist in the form of debt and equity. The Venture Capitalist has agreed to provide the required finance provided it can earn a return on investment of 25% per year. In addition, the Venture Capitalist requires 60% of the equity capital, a directorship in the company and a veto on all expenditure of a capital or revenue nature above a specified limit.
From the perspective of the family, which of the following are advantages of raising the required finance from the Venture Capitalist?
Select all that apply.
- A. The speed with which the finance can be obtained.
- B. The veto on expenditure above a specified level of a revenue or capital nature.
- C. The cost of the finance under the Venture Capital investment.
- D. The experience of the Venture Capitalist with growing businesses.
- E. The changes in shareholding as a result of the Venture Capital investment.
正解：B、C
質問 # 105
A company intends to sell one of its business units, Company R by a management buyout (MBO).
A selling price of $100 million has been agreed.
The managers are discussing with a bank and a venture capital company (VCC) the following financing proposal:
The VCC requires a minimum return on its equity investment in the MBO of 30% a year on a compound basis over 5 years.
What is the minimum TOTAL equity value of Company R in 5 years time in order to meet the VCC's required return?
Give your answer to one decimal place.
$ ? million
正解：
解説：
111.4, 111, 111.0, 111.1, 111.2, 111.3, 111.5, 111.6, 111.7
質問 # 106
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 20 existing shares
- B. 1 new share for every 5 existing shares
- C. 1 new share for every 4 existing shares
- D. 1 new share for every 25 existing shares
正解：C
質問 # 107
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 C
- C. Option B
- D. Option A
正解：D
質問 # 108
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 20 existing shares
- B. 1 new share for every 5 existing shares
- C. 1 new share for every 4 existing shares
- D. 1 new share for every 25 existing shares
正解：C
質問 # 109
Company A is a large listed company, with a wide range of both institutional and private shareholders.
It is planning a takeover offer for Company B.
Company A has relatively low cash reserves and its gearing ratio of 40% is higher than most similar companies in its industry.
Which TWO of the following would be the most feasible ways of Company A structuring an offer for Company B?
- A. Share for share exchange.
- B. Debt for share exchange.
- C. Cash offer, funded from existing cash resources.
- D. Cash offer, funded by a rights issue.
- E. Cash offer, funded by borrowings.
正解：A、D
質問 # 110
Which THREE of the following non-financial objectives would be most appropriate for a listed company in the food retailing industry?
- A. Increase customer service quality
- B. Reduce production time
- C. Reduce customer complaints
- D. Improve staff morale
- E. Reduce raw material wastage
正解：A、C、D
質問 # 111
The directors of the following four entities have been discussing dividend policy:
Which of these four entities is most likely to have a residual dividend policy?
- A. B
- B. A
- C. D
- D. C
正解：A
質問 # 112
A company is financed by debt and equity and pays corporate income tax at 20%.
Its main objective is the maximisation of shareholder wealth.
It needs to raise $200 million to undertake a project with a positive NPV of $10 million.
The company is considering three options:
* A rights issue.
* A bond issue.
* A combination of both at the current debt to equity ratio.
Estimations of the market values of debt and equity both before and after the adoption of the project have been calculated, based upon Modigliani and Miller's capital theory with tax, and are shown below:
Under Modigliani and Miller's capital theory with tax, what is the increase in shareholder wealth?
- A. $10 million irrespective of finance
- B. $210 million if financed by equity
- C. $160 million if financed by a mixture of debt and equity
- D. $50 million if financed by debt
正解：D
質問 # 113
An entity prepares financial statements to 30 June.
During the year ended 30 June 20X2 the following events occurred:
1 July 20X1
* The entitiy borrowed $100 million at a variable rate of interest.
* In order to protect itself against the variability of its interest cashflows, the entity entered into a pay-fixed-receive-variable interest swap with annual settlements. The fair value of the swap on this date was zero.
30 June 20X2
* The entity received a net settlement of $2 million under the swap. After this net settlement, the fair value of the swap was $5 million - a financial asset.
The entity decides to use hedge accounting for this arrangement and has designated it as a cash flow hedge.
The swap is a perfect hedge of the variability of the cash interest payments.
Which of the following describes the treatment of the settlement and the change in the fair value of the swap in the statement of profit or loss and other comprehensive income for the year ended 30 June 20X2?
- A. $5 million is recognised in profit or loss and $2 million is recognised in other comprehensive income.
- B. $7 million is recognised in profit or loss.
- C. $7 million is recognised in other comprehensive income.
- D. $2 million is recognised in profit or loss and $5 million is recognised in other comprehensive income.
正解：D
質問 # 114
Company C invests heavily in Research and Development an need to raise $45 million to finance future projects. It has decided to use equity finance raised by a tender offer, The following tender offers have been received from potential investors:
Company C wishes to select an offer price that will project shareholders from a significant dilution of control but still raise the required amount of finance.
What offer price should Company C's select?
- A. $4.50
- B. $4.25
- C. $4.00
- D. $4.75
正解：A
質問 # 115
Company P is a large unlisted food-processing company.
Its current profit before interest and taxation is $4 million, which it expects to be maintainable in the future.
It has a $10 million long-term loan on which it pays interest of 10%.
Corporate tax is paid at the rate of 20%.
The following information on P/E multiples is available:
Which of the following is the best indication of the equity value of Company P?
- A. $40 million
- B. $80 million
- C. $24 million
- D. $48 million
正解：C
質問 # 116
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. More of the synergistic benefits of the acquisition will accrue to AB's current shareholders.
- B. Shareholder control will remain with AB's current shareholders
- C. WACC will increase f credit worthless falls too low, further increasing the returns to shareholders.
- D. EPS Mil Increase
- E. Gearing will increase.
正解：A、B、D
質問 # 117
A company is currently all-equity financed.
The directors are planning to raise long term debt to finance a new project.
The debt:equity ratio after the bond issue would be 40:60 based on estimated market values.
According to Modigliani and Miller's Theory of Capital Structure without tax, the company's cost of equity would:
- A. decrease.
- B. increase.
- C. increase or decrease depending on the bond's coupon rate.
- D. stay the same.
正解：B
質問 # 118
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. $65.0 million
- B. $41.6 million
- C. $32.0 million
- D. $50.2 million
正解：B
質問 # 119
A listed publishing company owns a subsidiary company whose business activity is training.
It wishes to dispose of the subsidiary company.
The following information is available:
The board of the publishing company believe that the value of the subsidiary company, and hence the value of the equity invested in it, can be determined by calculating the present value of the subsidiary's free cashflows.
Which of the following is the most appropriate discount rate to use when determining the enterprise value of the company?
- A. A cost of equity that reflects the asset beta of a listed company that provides training activities.
- B. A WACC that reflects the gearing of the subsidiary company and the asset beta of a listed company that provides training activities.
- C. A WACC that reflects the gearing of the publishing company and the asset beta of a listed company that provides training activities.
- D. A WACC that the reflects the gearing of the publishing company and the equity beta factor of the publishing company.
正解：C
質問 # 120
Which of the following explains an aim of integrated reporting in accordance with The International <IR> Framework as issued by the International Integrated Reporting Council?
- A. To highlight the need for greater reporting of performance to stakeholders in a greater level of detail than at present.
- B. To highlight the separation of strategy, governance and financial performance in a social, environmental and economic context.
- C. To integrate the various accepted accounting practices of member bodies into a single, unified code of accounting principles.
- D. To support decision making and actions that focus on creating value over the short, medium and long term.
正解：D
質問 # 121
Company C has received an unwelcome takeover bid from Company P.
Company P is approximately twice the size of Company C based on market capitalisation.
Although the two companies have some common business interests, the main aim of the bid is diversification for Company P.
The offer from Company P is a share exchange of 2 shares in Company P for 3 shares in Company C.
There is a cash alternative of $5.50 for each Company C share.
Company C 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. All prices are in $.
Which of the following would be the most appropriate action by Company C's directors following receipt of this hostile bid?
- A. Write to shareholders explaining fully why the company's share price is under valued.
- B. Refer the bid to the country's competition authorities.
- C. Pay a one-off special dividend.
- D. Change the Articles of Association to increase the percentage of shareholder votes required to approve a takeover.
正解：A
質問 # 122
Providers of debt finance often insist on covenants being entered into when providing debt finance for companies.
Agreement and adherence to the specific covenants is often a condition of the loan provided by the lender.
Which THREE of the following statements are true in respect of covenants?
- A. Covenants enable the lender to demand immediate repayment or to renegotiate terms if it is breached.
- B. Covenants are entered into to impose financial discipline on the company.
- C. Covenants are entered into to eliminate the tax liability of the company.
- D. Covenants are entered into to penalise the company.
- E. Covenants are entered into to give the lender added protection on the loan extended to the company.
正解：A、B、E
解説：
Explanation
Discursive_F0
質問 # 123
Company A plans to acquire Company B, an unlisted company which has been in business for 3 years.
It has incurred losses in its first 3 years but is expected to become highly profitable in the near future.
No listed companies in the country operate the same business field as Company B, a unique new high- risk business process.
The future success of the process and hence the future growth rate in earnings and dividends is difficult to determine.
Company A is assessing the validity of using the dividend growth method to value Company B.
Which THREE of the following are weaknesses of using the dividend growth model to value an unlisted company such as Company B?
- A. The future projected dividend stream is used as the basis for the valuation.
- B. The company has been unprofitable to date and hence, there is no established dividend payment pattern.
- C. The cost of capital will be difficult to estimate.
- D. The future growth rate in earnings and dividends will be difficult to accurately determine.
- E. The dividend growth model does not take the time value of money into consideration.
正解：B、C、D
質問 # 124
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 listed international logistics firm.
- B. A pottery factory in the Middle East.
- C. A company in a similar market to Company A.
- D. A company that produces accessories.
正解：A
質問 # 125
......
試験は、複数選択問題とケーススタディから構成されており、候補者の財務戦略の概念の理解と、実際のシナリオでそれを適用する能力をテストするように設計されています。試験は、Part AとPart Bの2つの部分に分かれています。Part Aは60問の複数選択問題から構成され、Part Bは2つのケーススタディから構成されており、それぞれ財務戦略に関連する複数の問題が含まれています。
F3認定概要最新のF3のPDF問題集：https://www.jpntest.com/shiken/F3-mondaishu
トップクラスCIMA F3試験材料で学習ガイド！練習問題バージョン：https://drive.google.com/open?id=1-SxLWaCkdxS479EmGhjZoxSspUklO7YH