最新なCIMA F3問題集（435題）、真実試験の問題を全部にカバー！

質問 1：
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 speed with which the finance can be obtained.
B. The changes in shareholding as a result of the Venture Capital investment.
C. The experience of the Venture Capitalist with growing businesses.
D. The cost of the finance under the Venture Capital investment.
E. The veto on expenditure above a specified level of a revenue or capital nature.
正解：D,E

質問 2：
Company ADE is an unlisted company; it needs to raise a significant amount of finance to fund future expansion. The directors are considering listing the company on the local stock exchange The following discussions have taken place between some of the directors:
Director A - We consider a public issue of bonds in the capital markets, we don't need to list to issue the bonds which will save time and money.
Director B - We should list on the Alternative Investment Market (AIM) and not the main market to avoid any regulatory requirements Director C - We should remain unlisted; we can access an unlimited amount of equity finance through a rights issue Director D - Listing will increase Company ADE's ability to raise new equity and debt finance in the future.
Director E - If we list, Company ADE will be a more likely target for a takeover than if we remain unlisted.
Which TWO of the directors' statements are correct?
A. Director C
B. Director A
C. Director E
D. Director B
E. Director D
正解：D,E

質問 3：
Company C invests heavily in Research and Development an need to raise $45 million to finance future projects. It has decided to use equity finance raised by a tender offer, The following tender offers have been received from potential investors:

Company C wishes to select an offer price that will project shareholders from a significant dilution of control but still raise the required amount of finance.
What offer price should Company C's select?
A. $4.25
B. $4.00
C. $4.75
D. $4.50
正解：D

質問 4：
WX, an advertising agency, has just completed the all-cash acquisition of a competitor, YZ. This was seen by the market as a positive strategic move byWX.
Which THREE of the following will WX's shareholders expect the company's directors to prioritise following the acquisition?
A. The development of a dividend policy to meet the expectations of the YZ's shareholders.
B. The regulatory approval required to complete the acquisition.
C. The retention of YZ's key customers.
D. The integration and retention of key employees of YZ.
E. The realisation of anticipated post-acquisition synergies.
正解：B,D,E

質問 5：
Select the category of risk for each of the descriptions below:

正解：



質問 6：
Which THREE of the following statements are true of a money market hedge?
A. They are more complex than forward contracts.
B. They offer roughly the same outcome as a forward contract.
C. They leave the company exposed to currency risks.
D. They may be a little more flexible in comparison to a forward contract.
E. They are easy to set up.
正解：A,B,C

質問 7：
A company's dividend policy is to pay out 50% of its earnings.
Its most recent earnings per share was $0.50, and it has just paid a dividend per share of $0.25.
Currently, dividends are forecast to grow at 2% each year in perpetuity and the cost of equity is 10.5%.
In order to grow its earnings and dividends, the company is considering undertaking a new investment funded entirely by debt finance. If the investment is undertaken:
* Its cost of equity will immediately increase to 12% due to the increased finance risk.
* Its earnings and dividends will immediately commence growing at 4% each year in perpetuity.
Which of the following is the expected percentage change in the share price if the new investment is undertaken?
A. Increase = 10.5%
B. Increase = 8.3%
C. Decrease = 7.7%
D. Increase = 2%
正解：B

質問 8：
A company needs to raise $20 million to finance a project.
It has decided on a rights issue at a discount of 20% to its current market share price.
There are currently 20 million shares in issue with a nominal value of $1 and a market price of $5 per share.

Calculate the terms of the rights issue.
A. 1 new share for every 25 existing shares
B. 1 new share for every 5 existing shares
C. 1 new share for every 20 existing shares
D. 1 new share for every 4 existing shares
正解：D