CIMAは2022年最新のCIMAPRA19-F03-1サンプル問題は信頼され続けるCIMAPRA19-F03-1テストエンジン [Q56-Q73]

CIMAは2022年最新のCIMAPRA19-F03-1サンプル問題は信頼され続けるCIMAPRA19-F03-1テストエンジン

無料お試しCIMA CIMAPRA19-F03-1問題集PDFは必ずベストの問題集オプションを使おう

質問 56
TTT pic is a listed company. The following information is relevant:

TTT pic's board is considering issuing new 6% irredeemable debt to re-purchase equity. This is expected to change TTT pic's debt to equity mix to 40: 60 by market value. The corporate tax rate is 20%.
What will be TTT pic's WACC following this change in capital structure?

A. 11.66%
B. 12.67%
C. 13.43%
D. 11.09%

正解: D

質問 57
A company plans to cut its dividend but is concerned that the share price will fall. This demonstrates the _____________ effect

A. B
B. A

正解: B

質問 58
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

正解:

解説:
56.76, 56.75

質問 59
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)

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

正解: C

質問 60
PYP is a listed courier company. It is looking to raise new finance to fit each of its delivery vans with new equipment to allow improved parcel tracking for customers The senior management team of PYP have decided on a 10-year secured bond to finance this investment- Which TWO of the following variables are most likely to decrease the yield to maturity of the bond?

A. The senior management team decide to issue a convertible bond rather than a conventional bond
B. The announcement of a new contract for PYP that will increase operating profits by 5% over the next 5 years.
C. Changing the term of the bond from 1 0 years to 5 years to match the expected life of the new equipment
D. The senior management team decide to issue an unsecured bond rather than a secured bond

正解: A,C

質問 61
A company is preparing an integrated report according to the International <IR> Framework as issued by the International Integrated Reporting Council.
Which THREE of the following should be included in the report?

A. A comparison of the key elements of its financial statements with those of its main competitor.
B. The challenges and uncertainties that the organisation is likely to encounter in pursuing its strategy.
C. An explanation of how the organisation's governance structure supports its ability to create value in the short, medium and long term.
D. A detailed analysis of the organisation's business model.
E. A summary of the key issues discussed by directors in main board meetings.

正解: B,C,D

質問 62
A large, listed company is planning a major project that should greatly improve its share price in the long term.
These plans require a significant capital cost that the company plans to finance by debt.
All of the debt options being considered are for the same duration of time.
Which of the following sources of debt finance is likely to be the most expensive for the company over the full term of the debt?

A. Convertible bonds
B. A finance lease
C. Bank loan
D. Bonds

正解: A

質問 63
A company's statement of financial position includes non-current assets which are leased, the tax regime follows the accounting treatment.
Which cash flows should be discounted when evaluating the cost of lease finance?

A. Lease payments and straight-line accounting depreciation.
B. Lease payments, implied interested and straight-line accounting deprediation.
C. Lease payments, tax relief on implied interest and tax relief on straight-line account depreciation.
D. Lease payments and implied interest.

正解: B

質問 64
Company AB was established 6 years ago by two individuals who each own 50% of the shares.
Each individual heads a separate division within the company, which now has annual turnover of GBP10 million and employs 40 people.
Some of the employees are very highly paid as they are important contributors to the company's profitability.
The owners of the company wish to realise the full value of their investment within the next 12 months.
Which TWO of the following options are most likely to be acceptable exit strategies to the two owners of the company?

A. Spin off (or de-merger)
B. Initial Public Offering (IPO)
C. Sale to a Private Equity Investor on an earn-out basis
D. Management Buyout
E. Sale to a larger competitor

正解: D,E

質問 65
MAN is a manufacturing company that is based in country M and sells almost exclusively to customers in country M, priced in the local currency, M$.
MAN wishes to expand the business by acquiring a company that manufactures similar products but has a more global customer base. It is particularly interested in selling to customers in country P, which uses currency P$ but recognises that the P$ is generally quite volatile against the M$.
Country P uses the same language as country M, has free entry of labour from country M, no exchange controls or withholding tax and a favourable double tax treaty.
Which of the following companies would be most suitable takeover candidates for MAN to investigate further?

A. A company based in country M with a global customer base including country P.
B. A company based in country M with a shared interest in selling in country P.
C. A company based in country P with a large proportion of customers in country M.
D. A company based in country P with a global customer base including country P.

正解: D

質問 66
Select the category of risk for each of the descriptions below:

正解:

解説:

質問 67
Modigliani and Miller are the main proponents of the view that the dividend policy is irrelevant to the value of a company's shares.
They argue that a company that continually reinvests its entire earnings would generate the same shareholder wealth if it engaged in a policy of high dividends and financed its expansion with funds obtained from rights issues.
Which THREE of the following statements are assumptions that are required in order to support this proposition?

A. Investors do not always have access to perfect information.
B. The capital markets are efficient markets.
C. Investors act in a rational manner.
D. There is a multiplicity of corporate and personal income tax rates.
E. There are no transaction costs involved in the issue of new shares (including rights issues).

正解: B,C,E

解説:
Explanation
Discursive_F0

質問 68
The table below shows the forecast for a company's next financial year:

The forecast incorporates the following assumptions:
* 25% of operating costs are variable
* Debt finance comprises a $400 million fixed rate loan at 5%
* Corporate income tax is paid at 25%
The company plans to do the following next year from the forecast earnings on the assumption that earnings will be equivalent to free cash flow:
* Pay a total dividend of $20 million
* Invest $40 million in new projects
What is the maximum % reduction in operating activity that could occur next year before the company's dividend and investment plans are affected?
Give your answer to the nearest 0.1%.

正解:

解説:
4.8, 4.7, 4.9, 5.0, 4.6, 4.80, 4.70, 4.90, 5.00, 4.60%

質問 69
Company A operates in country A with the AS as its functional currency. Company A expects to receive BS500.000 in 6 months' time from a customer in Country B which uses the B$.
Company A intends to hedge the currency risk using a money market hedge
The following information is relevant:

What is the AS value of the BS expected receipt in 6 months' time under a money market hedge?

A. AS32, 532
B. AS31, 482
C. AS31, 790
D. AS32, 051

正解: D

質問 70
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 71
An unlisted company wishes to obtain an estimated value for its shares in anticipation of a private sale of a large parcel of shares.
Relevant data for the unlisted company:
* It has a residual dividend policy.
* It has earnings that are highly sensitive to underlying economic conditions.
* It is a small business in a large industry where there are listed companies but there are none with a similar capital structure.
The company intends to base valuations on the cost of equity of a proxy company after adjusting for any differences in capital structure where appropriate.
Which of the following methods is likely to give the most accurate equity value for this unlisted company?

A. Dividend valuation model.
B. Discounted cash flow analysis at WACC based on free cash flow to equity.
C. Net asset valuation.
D. P/E based valuation using the P/E of a similar listed company in the same industry.

正解: A

質問 72
A company has announced a rights issue of 1 new share for every 4 existing shares.
Relevant data:
* The current market price per share is $10.00.
* Rights are to be issued at a 20% discount to the current price.
* The rate of return on the new funds raised is expected to be 10%.
* The rate of return on existing funds is 5%.
What is the yield-adjusted theoretical ex-rights price?
Give your answer to two decimal places.
$ ?