[2023年最新] 高合格率な最新無料F3試験問題集アンサーを使おう
F3知能問題集PDF！CIMA F3試験問セット
CIMA CIMAPRA19-F03-1試験に合格した候補者は、財務戦略の専門知識を実証し、さまざまな金融関連の職務を確保するための設備が整っています。さらに、この試験に合格することは、競争の激しい雇用市場で際立っている素晴らしい方法であり、候補者がより迅速にキャリアを進めるのに役立ちます。
CIMA F3は、財務管理のキャリアを追求したい初心者や経験豊富な個人の両方です。この試験は、会計および金融研究の基礎に基づいていますが、財務上の意思決定に対するより戦略的および管理的なアプローチが必要です。したがって、財務戦略をビジネス戦略の重要な側面にする重要な要因を理解することが不可欠です。
質問 # 107
The ex div share price of a company's shares is $2.20.
An investor in the company currently holds 1,000 shares.
The company plans to issue a scrip dividend of 1 new share for every 10 shares currently held.
After the scrip dividend, what will be the total wealth of the shareholder?
Give your answer to the nearest whole $.
$ ? .
- A. 0
- B. 1
正解：A
質問 # 108
BBA is a wholly owned subsidiary of AAB BBA operates in country B where the currency is the B$.
The following is an extract from BBA's financial statements at 31 December 20X1:
The following Information is relevant:
" The bonds were trading at $110 per $100 on 31 December 20X1. "Operating profit of BBA for the year ended 31 December 20X1 was S15 million
* The P/E ratio is 8
* Corporate income tax rate is 20%.
The tax authorities m country B Implemented thin capitalisation rules based on the level of gearing of the subsidiary, calculated as book value o( debt lo book value of equity The cut-off point for gearing used by the tax authorities for a company to be thinly capitalised is 75%.
Which of the following statements is correct as at 31 December 20X1?
- A. Gearing is 83.33%. thin capitalisation rules are not breached
- B. Gearing is 83.33%. thin capitalisation rules are breached
- C. Gearing Is 71.43%. thin capitalisation rules are not breached
- D. Gearing is 250%. thin capitalisation rules are breached
正解：B
質問 # 109
Select the most appropriate divided for each of the following statements:
正解：
解説：
質問 # 110
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 # 111
Company YZZ has made a bid for the entire share capital of Company ZYY
Company YZZ is offering the shareholders in Company ZYY the option of either a share exchange or a cash alternative
Which THREE of the following would be considered disadvantages of accepting the cash consideration for the shareholders of Company ZYY?
- A. Interest rates on deposit accounts are currently at an historic low and are expected to remain low
- B. Company YZZ Is not expected to change *s dividend policy post-acquisition
- C. There will be no opportunity to participate in the future economic success of Company YZZ
- D. Cash consideration is certain whereas Company YZZ's future share price performance is uncertain
- E. Taxation is payable on realised capital gains.
正解：A、C、E
質問 # 112
Company A is based in country A with the AS as its functional currency. It expects to receive BS20 million from Company B in settlement of an export invoice.
The current exchange rate is A$1 =B$2 and the daily standard deviation of this exchange rate = 0 5% What is the one-day 95% VaR in AS?
- A. A$82,250
- B. A$164,500
- C. A$50,000
- D. A$822,500
正解：A
質問 # 113
A major energy company, GDE, generates and distributes electricity in country A.
The government of country A is concerned about rising inflation and has imposed price controls on GDE, limiting the price it can charge per unit of electricity sold to both domestic and commercial customers. It is likely that price controls will continue for the foreseeable future.
The introduction of price controls is likely to reduce the profit for the current year from $3 billion to $1 billion.
The company has:
* Distributable reserves of $2 billion.
* Surplus cash at the start of the year of $1 billion.
* Plans to pay a total dividend of $1.5 billion in respect of the current year, representing a small annual increase as in previous years. However, no dividends have yet been announced.
Which THREE of the following responses would be MOST appropriate for GDE following the imposition of price controls?
- A. Actively look for a private equity investor to introduce new and innovative business and financial strategies to the business.
- B. Raise funds by means of a rights issue in order to maintain historical dividend levels.
- C. Announce a reduction in the annual dividend to a more sustainable level given the new price controls regime.
- D. Actively investigate potential new ways of generating revenue by the sale of related goods and services that are outside the scope of the price controls.
- E. Carry out a wide-ranging review of costs and staffing levels to identify possible cost savings and redundancies.
正解：C、D、E
質問 # 114
A company with 4 million shares in issue wishes to raise $4 million by means of a rights issue
The share price prior to the rights issue is $5.00.
Under the rights issue, 1 million new shares will be issued at $4.00.
When the rights issue is announced it is expected that the Theoretical Ex-rights Price (TERP) will be $4.80
The directors of the company are considering offering any shareholder who does not wish to take up the rights the opportunity to sell the rights back to the company for $1.00.
Which of the following is the most likely consequence of the directors offer?
- A. It will have no effect on the take up of the rights because shareholder wealth will be the same whether the rights are taken up or sold back to the company
- B. The directors offer will increase demand for the shares and as a consequence the share price will rise above the theoretical ex-rights price.
- C. It will encourage more shareholders to sell their lights on the open market.
- D. It will result in fewer shareholders taking up the rights and as a consequence less cash will be raised from the rights issue
正解：D
質問 # 115
A listed company plans to raise $350 million to finance a major expansion programme.
The cash flow projections for the programme are subject to considerable variability.
Brief details of the programme have been public knowledge for a few weeks.
The directors are considering two financing options, either a rights issue at a 20% discount to current share price or a long term bond.
The following data is relevant:
The company's share price has fallen by 5% over the past 3 months compared with a fall in the market of
3% over the same period.
The directors favour the bond option.
However, the Chief Accountant has provided arguments for a rights issue.
Which TWO of the following arguments in favour of a right issue are correct?
- A. The administrative costs of a rights issue will be lower.
- B. The rights issue will lead to less pressure on the operating cash flows of the programme.
- C. The recent fall in the share price makes a rights issue more attractive to the company.
- D. The issue of bonds might limit the availability of debt finance in the future.
- E. The WACC will decrease assuming Modigliani and Miller's Theory of Capital Structure without taxes applies.
正解：B、D
質問 # 116
Select the category of risk for each of the descriptions below:
正解：
解説：
質問 # 117
Which THREE of the following are considered in detail in IFRS 7 Financial Instruments: Disclosures?
- A. Credit risk
- B. Market risk
- C. Business risk
- D. Liquidity risk
- E. Enterprise risk
正解：A、B、D
質問 # 118
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 WACC that reflects the gearing of the subsidiary company and the asset beta of a listed company that provides training activities.
- B. A cost of equity that reflects 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 # 119
A company has 8% convertible bonds in issue. The bonds are convertible in 3 years time at a ratio of 20 ordinary shares per $100 nominal value bond.
Each share:
* has a current market value of $5.60
* is expected to grow at 5% each year
What is the expected conversion value of each $100 nominal value bond in 3 years' time?
- A. $129.6
- B. $112.0
- C. $117.6
- D. $100.0
正解：A
質問 # 120
A company is wholly equity funded. It has the following relevant data:
* Dividend just paid $4 million
* Dividend growth rate is constant at 5%
* The risk free rate is 4%
* The market premium is 7%
* The company's equity beta factor is 1.2
Calculate the value of the company using the Dividend Growth Model.
Give your answer in $ million to 2 decimal places.
$ ? million
- A. 56.76, 56.75
- B. 56.76, 56.76
正解：A
質問 # 121
Listed Company A has prepared a valuation of an unlisted company. Company B. to achieve vertical integration Company A is intending to acquire a controlling interest in the equity of Company B and therefore wants to value only the equity of Company B.
The assistant accountant of Company A has prepared the following valuation of Company B's equity using the dividend valuation model (DVM):
Where:
* S2 million is Company B's most recent dividend
* 5% is Company B's average dividend growth rate over the last 5 years
* 10% is a cost of equity calculated using the capital asset pricing model (CAPM), based on the industry average beta factor
Which THREE of the following are valid criticisms of the valuation of Company B's equity prepared by the assistant accountant?
- A. An unlisted company cannot use the capital asset pricing model to calculate its cost of equity
- B. It is better to use the present value of earnings rather than present value of dividends to value a controlling interest
- C. The beta factor used may not reflect Company B's financial risk.
- D. The 5% growth rate may not reflect the future growth of Company B.
- E. The DVM calculation should use Company A's cost of equity rather than Company B's cost of equity
正解：C、D、E
質問 # 122
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 # 123
Company W is a manufacturing company with three divisions, all of which are making profits:
* Division A which manufactures cars
* Division B which manufactures trucks
* Division C which manufactures agricultural machinery
Company W is facing severe competitive pressure in all of its markets, and is currently operating with a high level of gearing Company W's latest forecasts suggest that it needs to raise cash to avoid breaching loan covenants on its existing debt finance in 6 months' time In a recent strategy review. Divisions A and B were identified as being the core divisions of Company W The management of Division C is known to be interested in the possibility of a management buy-out.
Company Z is known to be interested in making a takeover bid for Company W's truck manufacturing division A rival to Company W has recently successfully demerged its business, this was well received by the Financial markets Which of the following exit strategies will be most suitable for company W?
- A. Closure of Division
- B. Management buy-out of Division C
- C. Sale of Division B to Company Z
- D. Demerger of Division C
正解：B
質問 # 124
Company A is planning to acquire Company B by means of a cash offer. The directors of Company B are prepared to recommend acceptance if a bid price can be agreed. Estimates of the net present value (NPV) of future cash flows for the two companies and the combined group post acquisition have been prepared by Company A's accountant. There are as follows:
What is the maximum price that Company A should offer for the shares in Company B?
Give your answer to the nearest $ million
- A. 0
- B. 1
正解：A
解説：
質問 # 125
A company is planning to issue a 5 year $100 million bond at a fixed rate of 6%.
It is also considering whether or not to enter into a 10 year $100 million swap to receive 5% fixed and pay Libor + 1% once a year.
The company predicts that Libor will be 4% over the life of the 5 years.
What is the impact of the swap on the company's annual interest cost assuming that the Libor prediction is correct?
- A. Increase by 1%.
- B. Remain the same.
- C. Fall by 2%.
- D. Fall by 1%.
正解：B
質問 # 126
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