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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Risk and Return | 12% | - Beta and Capital Asset Pricing Model - Systematic vs unsystematic risk - Portfolio risk and diversification |
| Topic 2: Time Value of Money | 18% | - Effective vs nominal interest rates - Present value, future value, annuities, perpetuities - Discounted cash flow valuation |
| Topic 3: Financial Markets and Corporate Objectives | 15% | - Role of financial institutions - Types of financial markets and instruments - Goal of the firm: shareholder wealth maximization |
| Topic 4: Capital Structure and Financing | 10% | - Dividend policy and payout decisions - Leverage and cost of capital |
| Topic 5: Capital Budgeting | 10% | - Cash flow estimation and project evaluation - NPV, IRR, payback period, profitability index |
| Topic 6: Valuation of Securities | 15% | - Stock valuation: dividend growth model, CAPM - Cost of capital components - Bond valuation, yield to maturity, risk characteristics |
| Topic 7: Financial Statement Analysis | 20% | - Ratio analysis: liquidity, profitability, solvency, efficiency - Income statement, balance sheet, cash flow statement - Common-size and trend analysis |
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質問 # 42
What does the DuPont equation decompose return on equity (ROE) into?
正解：C
解説：
The DuPont equation breaks return on equity (ROE) into three key components to show how profitability, efficiency, and leverage interact to drive shareholder returns. The classic three-step DuPont formula expresses ROE as:
ROE = Net Profit Margin × Total Asset Turnover × Equity Multiplier (or leverage measure).
Net profit margin reflects operating and cost efficiency, total asset turnover measures how effectively assets generate sales, and the equity multiplier (closely related to the debt-to-equity ratio) captures the impact of financial leverage. This decomposition allows analysts and managers to identify whether changes in ROE are driven by margins, asset utilization, or financing decisions. Option D correctly aligns with this framework by identifying net margin and asset turnover along with a leverage measure (debt-to-equity). The other options include ratios not used in the DuPont framework or omit a critical component. The DuPont analysis is widely used in financial management to diagnose performance issues and guide strategic improvements.
質問 # 43
A building owner is undertaking a weatherization project. The owner will make a one-time investment of
$410,000 for caulking, sunshades, and smart thermostats. Annual utility savings are projected to be:
* Year 1: $125,000
* Year 2: $125,000
* Year 3: $140,000
* Year 4: $140,000
* Year 5: $160,000
What is thepayback period, in years?(Round up)
正解：D
解説：
The payback period measures how long it takes for a project's cumulative cash inflows to recover the initial investment. It is a simple capital budgeting technique commonly used as a preliminary screening tool.
Although it does not account for the time value of money or cash flows beyond the cutoff period, it is useful for assessing liquidity and risk exposure.
Cumulative cash flows are calculated as follows:
* End of Year 1: $125,000
* End of Year 2: $250,000
* End of Year 3: $390,000
* End of Year 4: $530,000
The initial investment of $410,000 is recovered sometime during Year 4. Because the question instructs to round up, the payback period is reported as 4 years. Financial management textbooks emphasize that while payback should not be used alone to accept or reject projects, it provides insight into how quickly invested capital is recovered, which is especially relevant for projects with uncertainty or liquidity constraints.
質問 # 44
What does a beta higher than 1.0 for a stock indicate about its systematic risk?
正解：B
解説：
Beta measures a stock's sensitivity to movements in the overall market and represents its level of systematic (non-diversifiable) risk. A beta greater than 1.0 indicates that the stock tends to move more than the market in response to market-wide changes. For example, if the market increases by 1%, a stock with a beta of 1.2 is expected, on average, to increase by approximately 1.2%. Conversely, it would also decline more sharply during market downturns. From a capital market theory perspective, higher beta implies higher risk and therefore a higher required rate of return to compensate investors.
Financial managers use beta in the Capital Asset Pricing Model (CAPM) to estimate the cost of equity.
Option B correctly describes the implication of a beta greater than one.
質問 # 45
What is the relationship between the length of the cash cycle and the amount of cash a firm needs to operate?
正解：C
解説：
The cash conversion cycle measures the time between cash outflows for production and cash inflows from customer payments. A longer cash cycle means that cash is tied up for a longer period in inventory and receivables before being recovered through sales. As a result, firms with longer cash cycles require larger cash balances or greater access to short-term financing to support ongoing operations. Financial managers aim to shorten the cash cycle by improving inventory turnover, accelerating collections, and managing payables efficiently. Option D correctly reflects this fundamental relationship emphasized in working capital management.
質問 # 46
What is systematic risk in the capital asset pricing model (CAPM)?
正解：D
解説：
Systematic risk is the portion of total risk that affects the entire market or a broad group of securities and cannot be eliminated through diversification. It arises from economy-wide factors such as changes in interest rates, inflation, recessions, geopolitical events, and overall market sentiment. In the Capital Asset Pricing Model, systematic risk is the only type of risk for which investors are compensated because unsystematic, or firm-specific, risk can be diversified away by holding a well-balanced portfolio. Choice D is correct because it defines systematic risk as market-wide risk that influences virtually all securities to some degree. Choice C refers to company-specific risk, which is unsystematic risk. Choice B is incorrect because poor diversification may leave an investor exposed to more firm-specific risk, but that does not define systematic risk itself.
Choice A is far too extreme and does not capture the finance definition. Financial management uses the CAPM framework to connect systematic risk to required return through beta, which measures a security's sensitivity to movements in the market portfolio. Therefore, D is the correct answer because systematic risk is broad market risk that cannot be removed through diversification.
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質問 # 47
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