CIMAPRA19-F03-1のPDF試験材料2023年最新の実際に出るCIMAPRA19-F03-1問題集
更新されたのはCIMA CIMAPRA19-F03-1問題集PDFオンラインエンジン
CIMA F3試験は、準備にかなりの時間を要する厳しい試験です。候補者は、試験日のかなり前から勉強を始めることをお勧めします。CIMAは、勉強用テキスト、模擬試験、オンラインコースなど、様々な学習リソースを提供しており、候補者が試験に備えるのに役立ちます。
質問 # 76
The directors of a financial services company need to calculate a valuation of their company's equity in preparation for an upcoming initial Public Offering (IPO) of shares. At a recent board meeting they discussed the various methods of business valuation.
The Chief Executive suggested using a Price-earing (P./E) method of valuation, but the finance Director argued that a valuation based on forecast cash flows to equity would be more appropriate.
Which THREE of the following are advantages of valuation based on forecast cash flows to equity, compared to a valuating using a price earnings methods?
- A. It give on estimate of the likely shareholder value that will be created.
- B. The calculations are much simpler.
- C. It avoids the problem of having to forecast a sustainable level of future growth.
- D. Using cash is theoretically superior to using profits in a valuation calculation.
- E. It incorporates the time value of money.
正解：B、D、E
質問 # 77
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 # 78
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 # 79
Which TWO of the following situations offer arbitrage opportunities?
A)
B)
C)
D)
- A. Option D
- B. Option B
- C. Option A
- D. Option C
正解：B
質問 # 80
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 # 81
A venture capitalist invests in a company by means of buying
* 6 million shares for $3 a share and
* 7% 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 8 million shares in issue
What is the minimum total equity value for the company in 3 years' time required to satisfy the venture capitalist's expected return?
Give your answer to the nearest $ million
- A. 0
- B. 1
正解：B
質問 # 82
Company Z has identified four potential acquisition targets: companies A, B, C and D.
Company Z has a current equity market value of $580 million.
The price it would have to pay for the equity of each company is as follows:
Only one of the target companies can be acquired and the consideration will be paid in cash.
The following estimations of the new combined value of Company Z have been prepared for each acquisition before deduction of the cash consideration:
Ignoring any premium paid on acquisition, which acquisition should the directors pursue?
- A. D
- B. B
- C. C
- D. A
正解：C
質問 # 83
Which of the following statements best describes a residual dividend policy?
- A. Dividends are paid at a constant rate.
- B. All surplus earnings are invested back into the business.
- C. Dividends are paid only if no further positive NPV projects are available.
- D. Dividends are paid only after the on-going operational needs of the business have been met.
正解：C
質問 # 84
A company plans to cut its dividend but is concerned that the share price will fall. This demonstrates the
_____________ effect
正解：
解説：
clientele
質問 # 85
A company intends to sell one of its business units. Company W, by a management buyout (MBO). A selling price of S200 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 35% a year on a compound basis over 5 years What is the minimum total equity value of Company W in 5 years time in order to meet the VCC's required return? Give your answer to one decimal place.
正解：
解説：
65
質問 # 86
A company is planning to repurchase some of its shares. Relevant details are as follows:
* 100 million shares in issue
* Current share price $5
* 5 million shares to be repurchased
* 10% repurchase premium
* Repurchased shares to be cancelled
What would you expect the share price after the repurchase to be?
Give your answer to two decimal places.
正解：
解説：
$ ?
4.97, 4.98
質問 # 87
A company is located in a single country. The company manufactures electrical goods for export and for sale in its home country. When exporting, it invoices in its customers' currency. What currency risks is the company exposed to?
- A. Transaction risk only
- B. Transaction and economic risks
- C. Translation and economic risks.
- D. Transaction, economic and translation risks.
正解：D
質問 # 88
A company's Board of Directors is considering raising a long-term bank loan incorporating a number of covenants.
The Board members are unsure what loan covenants involve.
Which THREE of the following statements regarding loan covenants are true?
- A. A covenant gives the financial institution the right but not the obligation to convert debt into equity in a case of non-compliance.
- B. A loan covenant has no contractually binding obligations.
- C. A financial covenant usually requires the company to adhere to specific financial conditions or targets.
- D. A positive loan covenant would require the company to undertake specific actions.
- E. A restrictive covenant prohibits the company from conducting certain actions without the approval of the lending institution.
正解：C、D、E
質問 # 89
Company A is planning to acquire Company B.
Company A's managers think they can improve the performance of Company B to the extent that its own P/E ratio should be applied to Company B's earnings.
Relevant Data:
What is the expected synergy if the acquisition goes ahead?
Give your answer to the nearest $ million.
$ ? million
- A. 8, 8000000
- B. 7, 8000000
正解：A
質問 # 90
Integrated reporting is designed to make visible the capitals on which the organisation depends, and how the organisation uses those capitals to create value in the short, medium and long term
Which THREE of the following capitals are specifically identified in the Integrated Reporting <IR> Framework?
- A. Research and Development
- B. Human
- C. Manufactured
- D. Community
- E. Financial
正解：B、C
質問 # 91
A company is concerned that a high proportion of its debt portfolio consists of variable rate finance with an interest rate of LIBOR ' 1 .0%.
It is considering using an interest rate swap to reduce interest rate risk out is concerned about additional finance cost this might create.
A bank has quoted swap rates of 3% 3.5% against LIBOR.
A bank has quoted swap rates of 3% 3.5% against LIBOR.
Is an interest rate swap likely to be beneficial to the company at current LIBOR rates?
- A. No, because interest cost will increase with the interest rate swap in place.
- B. Yes, because interest cost will decrease with the interest rate swap in place.
- C. Yes, because it will have lower interest rate risk and interest cost remains the same.
- D. No, because it would be cheaper to repay variable rate finance aid enter into new fixed rate finance than to enter into an interest rate swap.
正解：C
質問 # 92
ADC is planning to acquire DEF in order to benefit from the expertise of DEF's owner 'managers Both are Listed companies. ADC is trying to decide whether to offer cash or shares in consideration for DEF's shares.
Which THREE of the following are advantages to ABC of offering shares to acquire CEF?
- A. It preserves liquidity
- B. The risk of poor future performance of the acquisition is shared with the DEF company shareholder.
- C. It shares tie benefits of future growth with the DCT shareholder.
- D. It incentivises DEF to continue creating value for the combined group
- E. It dilutes ownership in ABC.
- F. It results in a tax saving for ABC.
正解：B、C、D
質問 # 93
......
CIMA CIMAPRA19-F03-1問題集PDFのベストを目指すなら問題集を使おう！高得点目指すならここ：https://www.jpntest.com/shiken/CIMAPRA19-F03-1-mondaishu
CIMAPRA19-F03-1のPDFで問題解答！PDFサンプル問題は信頼され続ける：https://drive.google.com/open?id=1Oe-O1zAOzx9zo3it-j7n1TRSQ9C3xCRj