最新なCIMA CIMAPRA19-F03-1問題集（435題）、真実試験の問題を全部にカバー！

質問 1：
A company wishes to raise additional debt finance and is assessing the impact this will have on key ratios.
The following data currently applies:
* Profit before interest and tax for the current year is $500,000
* Long term debt of $300,000 at a fixed interest rate of 5%
* 250,000 shares in issue with a share price of $8
The company plans to borrow an additional $200,000 on the first day of the year to invest in new project which will improve annual profit before interest and tax by $24,000.
The additional debt would carry an interest rate of 3%.
Assume the number of shares in issue remain constant but the share price will increase to $8.50 after the investment.
The rate of corporate income tax is 30%.
After the investment, which of the following statements is correct?
A. Interest cover will rise; P/E ratio will fall.
B. Interest cover will rise; P/E ratio will rise.
C. Interest cover will fall; P/E ratio will fall.
D. Interest cover will fall; P/E ratio will rise.
正解：D

質問 2：
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. Translation and economic risks.
C. Transaction and economic risks
D. Transaction, economic and translation risks.
正解：D

質問 3：
A large, listed company in the food and household goods industry needs to raise $50 million for a period of up to 6 months.
It has an excellent credit rating and there is almost no risk of the company defaulting on the borrowings. The company already has a commercial paper programme in place and has a good relationship with its bank.
Which of the following is likely to be the most cost effective method of borrowing the money?
A. 6 month term loan
B. Treasury Bills
C. Bank overdraft
D. Commercial paper
正解：D

質問 4：
An unlisted company.
* Is owned by the original founders and members of their families
* Pays annual dividends each year depending on the cash requirements of the dominant shareholders.
* Has earnings that are highly sensitive to underlying economic conditions.
* Is a small business in a large Industry where there are listed companies with comparable capital structures Which of the following methods is likely to give the most accurate equity value for this unlisted company?
A. P/E based valuation using the P/E of a similar company.
B. Discounted cash flow analysis at WACC (based on cash flows after tax but before financing) plus the market value of debt.
C. Net asset valuation
D. Dividend valuation model.
正解：D

質問 5：
A young, capital intensive company has a large amount of tangible assets.
Intangibles, including brand name, are considered to be of negligible value at this time Relevant data:
* The company operates a residual dividend policy.
* The industry in which the company operates is suffering from a large amount of uncertainty at present.
Forecasting the future earnings or cashflows of the company is therefore extremely difficult
* There are very few quoted companies in the industry that are similar in size or in precisely the same business sectors.
Which method of valuation would be most suitable for this company?
A. Discounted cash flow with a proxy company's cost of capital.
B. Dividend valuation model with a proxy company's cost of equity.
C. Net asset based using replacement cost.
D. Earnings based using a proxy company's P/E ratio.
正解：C