JPNTest CIMAPRA19-F03-1問題集でリアル試験問題でテストエンジン問題集でトレーニング
CIMA CIMAPRA19-F03-1テスト問題集とオンライン試験エンジン
CIMAのCIMAPRA19-F03-1試験に備えるためには、候補者はシラバスを徹底的に学習し、過去問題を練習する必要があります。シラバスには、財務報告および分析、企業ファイナンス、リスク管理など、さまざまなトピックが含まれています。候補者はまた、財務会計原則について良好な理解を持ち、実践でそれを適用できる能力を持っている必要があります。
CIMA CIMAPRA19-F03-1 試験は、金融キャリアを追求する専門家にとって必要不可欠な認定資格です。この試験は、候補者の金融戦略と管理に関する理解と知識を試験するために設計されています。実際のシナリオでの金融コンセプトとその適用についての徹底的な理解が必要な挑戦的な試験です。この試験は、すでに CIMA ビジネス会計証明書と CIMA オペレーションおよびマネジメントレベル試験を受けた専門家を対象としています。
質問 # 93
A company is considering the issue of a convertible bond compared to a straight bond issue (non- convertible bond).
Director A is concerned that issuing a convertible bond will upset the shareholders for the following reasons:
* it will dilute their control
* the interest payments will be higher therefore reducing liquidity
* it will increase the gearing ratio therefore increasing financial risk Director B disagrees, and is preparing a board paper to promote the issue of the convertible bond rather than a non-convertible.
Advise the Director B which THREE of the following statements should be included in his board paper to promote the issue of the convertible bond?
- A. The convertible bond may not dilute control as the bond holder has an option to choose conversion.
- B. The coupon rate on the convertible bond will be lower than that on a non-convertible bond.
- C. Issuing a convertible bond will have a more favourable impact on the gearing ratio than a non- convertible bond.
- D. When converted into shares, the company will receive a cash inflow which can be used for future investments.
- E. Over the life of the bond, a convertible will be more expensive than a non-convertible.
正解：A、B、C
質問 # 94
A company plans a four-year project which will be financed by either an operating lease or a bank loan.
Lease details:
* Four year lease contract.
* Annual lease rentals of $45,000, paid in advance on the 1st day of the year.
Other information:
* The interest rate payable on the bank borrowing is 10%.
* The capital cost of the project is $200,000 which would have to be paid at the beginning of the first year.
* A salvage or residual value of $100,000 is estimated at the end of the project's life.
* Purchased assets attract straight line tax depreciation allowances.
* Corporate income tax is 20% and is payable at the end of the year following the year to which it relates.
A lease-or-buy appraisal is shown below:
Which THREE of the following items are errors within the appraisal?
- A. Using the 10% discount rate is incorrect
- B. The bank loan repayments should be included
- C. Tax relief on lease payments have not been lagged correctly
- D. The project's operating cashflows should be included
- E. Lease payments are timed incorrectly
- F. The salvage value has been included within the lease option
正解：A、C、F
質問 # 95
A company is planning a new share issue.
The funds raised will be used to repay debt on which it is currently paying a high interest rate.
Operating profit and dividends are expected to remain unchanged in the near future.
If the share issue is implemented, which THREE of the following are most likely to increase?
- A. The number of shares in issue
- B. The gearing (book value of debt as a percentage of the book value of equity + debt)
- C. Next year's payment of corporate income tax
- D. Interest cover
- E. The cost of equity
正解：A、B、C
質問 # 96
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.
$ ?
- A. 11.20, 11.2
- B. 11.20, 11.3
正解：A
質問 # 97
A company generates and distributes electricity and gas to households and businesses.
Forecast results for the next financial year are as follows:
The Industry Regulator has announced a new price cap of $2.00 per Kilowatt.
The company expects this to cause consumption to rise by 15% but costs would remained unaltered.
The price cap is expected to cause the company's net profit to fall to:
- A. $126.50 million loss
- B. $164.00 million profit
- C. $8.75 million profit
- D. $43.00 million profit
正解：B
質問 # 98
Companies A, B, C and D:
* are based in a country that uses the K$ 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 eurozone. All import and export trade with companies or individuals in the eurozone is priced in EUR.
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 EUR/K$ exchange rate?
- A. Company B
- B. Company C
- C. Company D
- D. Company A
正解：A
質問 # 99
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 cost of the finance under the Venture Capital investment.
- B. The changes in shareholding as a result of the Venture Capital investment.
- C. The speed with which the finance can be obtained.
- D. The experience of the Venture Capitalist with growing businesses.
- E. The veto on expenditure above a specified level of a revenue or capital nature.
正解：A、E
質問 # 100
KKL is a listed sports clothing company with three separate business units. KKL is seeking to sell TT', one of these business units
TTP cwns a new. brand of trail running shoes that have Droved hugely popular with lone distance runners. The management team of TTP are frustrated by the constraints imposes b/ KKL in managing tie brand and developing. the bus ness and they believe that TTF has huge growth potential.
The management team of TTP have approached KKL with a proposal to purchase 1~P through a management layout (MDO). KKL has accepted this proposal as TTP has not proved to be a good fit' with the rest of the business and has agreed on the selling price.
Which THREE of the following factors a-e mast Likely to affect the success of the MBO?
- A. The ability the TTP management team to develop the brand and achieve the expected growth.
- B. Searing sufficient. funding for the MBO.
- C. The motivation of the TTP management team to invest in future growth.
- D. The constraints imposed by KKL managing TTF's brand.
- E. The ability of the TTF management team to take over the head office functions successfully.
正解：A、B、E
質問 # 101
Company S is planning to acquire Company T.
The shareholders in Company T will receive new shares in Company S in an all-share consideration.
Relevant information:
The shareholders in Company T want sufficient shares to receive a 25% premium on the pre-acquisition value of their shares, based on the pre-acquisition share price.
Which of the following share-for-share offers will achieve the desired result?
- A. 2 shares in Company S for 1 share in Company T
- B. 1 share in Company S for 1 share in Company T
- C. 1 share in Company S for 2 shares in Company T
- D. 10 shares in Company S for 4 shares in Company T
正解：B
質問 # 102
Company E is a listed company. Its directors are valuing a smaller listed company, Company F, as a possible acquisition.
The two companies operate in the same markets and have the same business risk.
Relevant data on the two companies is as follows:
Both companies are wholly equity financed and both pay corporate tax at 30%.
The directors of Company E believe they can "bootstrap" Company F's earnings to improve performance.
Calculate the maximum price that Company E should offer to Company F's shareholders to acquire the company.
Give your answer to the nearest $million.
- A. 4,500
- B. 3,150
- C. 2,700
- D. 1,890
正解：B
質問 # 103
An all equity financed company plans an issue of new ordinary shares to the general public to raise finance for a new project
The following data applies:
* 10 million ordinary shares are currently in issue with a market value of S3 each share
* The new project will cost S2.88 million and is expected to give a positive NPV of S1 million
* The issue will be priced at a AaA discount to the current share price.
What gam or loss per share will accrue to the existing shareholders?
- A. Gain of $0.08
- B. Loss of $0.08
- C. Loss of $0.18
- D. Gain of 0.18
正解：A
質問 # 104
ZZZ wishes to borrow at a floating rate and has been told that it can use swaps to reduce the effective interest rate it pays. ZZZ can borrow floating at the risk-free rate + 1, and fixed at 10%.
Which of the following companies would be the most appropriate for ZZZ to enter into a swap with?
- A. Company AAB - it can borrow floating at risk-free rate + % and fixed at 9.5%
- B. Company BBA - it can borrow floating at risk-free rate +VA and fixed at 12%
- C. Company DDA - it can borrow at risk-free rate + 1 Vz and fixed at 10.5%
- D. Company CCA - it can borrow at risk-free rate + Y% and fixed at 9%
正解：A、B、D
質問 # 105
A listed company is financed by debt and equity.
If it increases the proportion of debt in its capital structure it would be in danger of breaching a debt covenant imposed by one of its lenders.
The following data is relevant:
The company now requires $800 million additional funding for a major expansion programme.
Which of the following is the most appropriate as a source of finance for this expansion programme?
- A. Rights issue
- B. Private placement of a bond
- C. Bank overdraft
- D. Retained earnings
正解：A
質問 # 106
Select the most appropriate divided for each of the following statements:
正解：
解説：
質問 # 107
A company in country T is considering either exporting its product directly to customers in country P or establishing a manufacturing subsidiary in country P.
The corporate tax rate in country T is 20% and 25% tax depreciation allowances are available
Which TIIRCC of the following would be considered advantages of establishing a subsidiary in country T?
- A. Year 1 tax depreciation allowances of 100% are available in country P.
- B. There are restrictions on companies wishing to remit profit from country P
- C. There are high customs cuties payable of products entering country P.
- D. The corporate tsx rate in country P is 40%.
- E. There is a double tax treaty between country T and country P.
正解：A、C、E
質問 # 108
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.
$ ?
正解：
解説：
3.64, 3.63, 3.65
質問 # 109
Company A plans to diversify by a cash acquisition of Company B an unlisted company in another country (Country B) which operates in a different industrial sector
Company A already manufactures its product in Country B and has a loan denominated in Country B's currency
Company A regularly suffers foreign exchange losses due to volatility in the exchange rate between the two countries' currencies in recent years.
Which THREE of the following appear to be be valid justifications of this diversification decision?
- A. The diversification into another product market will lower business risk
- B. The diversification will give Company A greater protection from transaction risk.
- C. The diversification will give Company A protection from political risk
- D. The diversification will enable Company A to enjoy production scale economies
- E. The diversification will give Company A greater protection from translation risk
正解：B、C、E
質問 # 110
X exports goods to customers in a number of small countries Asia. At present, X invoices customers in X's home currency.
The Sales Director has proposed that X should begin to invoice in the customers currency, and the Treasurers considering the implications of the proposal.
Which TWO of the following statement are correct?
- A. The overseas customers may have difficulty obtaining X's name currency with which to make the purchases, so the Sales Director's proposal may increase sales.
- B. X will know advance the amount of home currency it will receive for the export sales.
- C. The customer will tear the foreign exchange risk and will only buy from X if they are prepared to accept this.
- D. X may be able to sell the receipts forward.
- E. If the proposal is adopted, X will have a lower effective sales price per unit due to exchange rate fluctuations.
正解：A、E
質問 # 111
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.
正解：
解説：
$ million.
34, 35, 34000000, 35000000
質問 # 112
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 L
- B. Company O
- C. Company M
- D. Company N
正解：A
質問 # 113
A company enters into a floating rate borrowing with interest due every 12 months over the five year life of the borrowing.
At the same time, the company arranges an interest rate swap to swap the interest profile on the borrowing from floating to fixed rate.
These transactions are designated as a hedge for hedge accounting purposes under IAS 39 Financial Instruments: Recognition and Measurement.
Assuming the hedge is considered to be effective, how would the swap be accounted for 12 months later?
- A. The swap would be shown at fair value the statement of financial position and the change in value posted to other comprehensive income.
- B. The swap would be shown at nominal value in the statement of financial position and the change in value posted to profit or loss.
- C. The swap would be shown at nominal value in the statement of financial position and the change in value posted to other comprehensive income.
- D. The swap would be shown at fair value the statement of financial position and the change in value posted to profit or loss.
正解：A
質問 # 114
Extracts from a company's profit forecast for the next financial year as follows:
Since preparing the forecast, the company has decided to return surplus cash to shareholders by a share repurchase arrangement.
The share repurchase would result in the company purchasing 20% of the 1,250 million ordinary shares currently in issue and canceling them.
Assuming the share repurchase went ahead, the impact on the company's forecast earnings per share will be an increase of:
- A. $0.125
- B. $0.100
- C. $0.200
- D. $0.175
正解：B
質問 # 115
Company J is in negotiations to acquire Company K and believes it can turn around Company K's performance to match its own.
The following information is available for the two companies:
Select the maximum price for each share that Company J should place on Company K during negotiations.
- A. $2.0
- B. $3.2
- C. $3.0
- D. $1.7
正解：C
質問 # 116
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. Refer the bid to the country's competition authorities.
- B. Pay a one-off special dividend.
- C. Change the Articles of Association to increase the percentage of shareholder votes required to approve a takeover.
- D. Write to shareholders explaining fully why the company's share price is under valued.
正解：D
質問 # 117
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CIMA F3試験は、60の多肢選択問題からなる客観的なテストです。試験は2つのセクションに分かれています。セクションAとセクションBです。セクションAは、財務戦略、リスク管理、および財務分析をカバーする30の質問から構成されています。セクションBは、財務的意思決定、投資評価、およびコスト管理をカバーする30の質問から構成されています。
CIMA CIMAPRA19-F03-1問題を提供していますCIMA Strategic level問題集と完璧な解答付き：https://www.jpntest.com/shiken/CIMAPRA19-F03-1-mondaishu
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