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CIMA F3：財務戦略は、現代の組織における財務戦略を取り巻く重要な概念の学生の知識と理解をテストするために設計された専門レベルの試験です。この試験は、Chartered Institute of Management Accountants（CIMA）シラバスの一部であり、財務管理部門で働きたい学生にとって重要です。また、現在の組織のランクを上げたい個人にも必要です。

F3試験は、財務戦略に関連するさまざまなトピックを扱い、財務分析、リスク管理、投資決定、財務政策などが含まれます。試験は、戦略的な意思決定に焦点を当て、これらの概念を実践的な状況で適用する候補者の能力を評価するように設計されています。試験は、セクションAがケーススタディ、セクションBが客観的なテスト問題のセットで構成されています。

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F3最新試験情報、F3受験対策解説集

Japancertは専門的なIT認証サイトで、成功率が１００パーセントです。これは多くの受験生に証明されたことです。JapancertにはIT専門家が組み立てられた団体があります。彼らは受験生の皆さんの重要な利益が保障できるように専門的な知識と豊富な経験を活かして特別に適用性が強いトレーニング資料を研究します。その資料が即ちCIMAのF3試験トレーニング資料で、問題集と解答に含まれていますから。

試験は2つのセクションに分かれており、それぞれが財務戦略のさまざまな側面をテストするように設計されています。最初のセクションでは、財務分析とリスク管理に焦点を当て、2番目のセクションでは投資分析と財務計画に焦点を当てています。試験の両方のセクションも同様に重要であり、候補者は認定されるために両方のセクションを通過する必要があります。

CIMA F3 Financial Strategy 認定 F3 試験問題 (Q71-Q76):

質問 # 71
BBA is a wholly owned subsidiary of AAB BBA operates in country B where the currency is the B$.
The following is an extract from BBA's financial statements at 31 December 20X1:

The following Information is relevant:
" The bonds were trading at $110 per $100 on 31 December 20X1. "Operating profit of BBA for the year ended 31 December 20X1 was S15 million
* The P/E ratio is 8
* Corporate income tax rate is 20%.
The tax authorities m country B Implemented thin capitalisation rules based on the level of gearing of the subsidiary, calculated as book value o( debt lo book value of equity The cut-off point for gearing used by the tax authorities for a company to be thinly capitalised is 75%.
Which of the following statements is correct as at 31 December 20X1?

A. Gearing is 83.33%. thin capitalisation rules are not breached
B. Gearing is 83.33%. thin capitalisation rules are breached
C. Gearing Is 71.43%. thin capitalisation rules are not breached
D. Gearing is 250%. thin capitalisation rules are breached

正解：B

質問 # 72
A product costs USD10 when purchased in the USA. The same product costs USD12 when it is purchased in the UK and the price in GBP is convened to USD.
Which of the following statement concerning purchasing power parity is correct?

A. Economic forces should eliminate the price difference. But there could be market imperfections that permit it to persist.
B. The exchange rate between the USD and GBP will change so that tie price differential on this product (and at other products) I s eliminated.
C. Economic forces will bring the prices in the USA and UK into line.
D. This type of price deferential is a reliable baas for predicting currency movements

正解：A

解説：
PPP says identical goods should cost the same when prices are expressed in a common currency, but in reality transport costs, taxes, tariffs, and market imperfections can allow differences to persist.

質問 # 73
Company RRR is a well-established, unlisted, road freight company.
In recent years RRR has come under pressure to improve its customer service and has had some success in doing this However, the cost of improved service levels has resulted in it making small losses in its latest financial year. This is the first time RRR has not been profitable.
RRR uses a 'residual' dividend policy and has paid dividends twice in the last 10 years.
Which of the following methods would be most appropriate for valuing RRR?

A. The earnings yield method, adjusting the earnings yield of a listed company downwards to reflect RRR's unlisted status.
B. Valuing the tangible assets and intangible assets of RRR.
C. The dividend valuation model.
D. The P/E method, adjusting the P/E of a listed company downwards to reflect RRR's unlisted status.

正解：B

解説：
Most appropriate is asset-based valuation because RRR is unlisted, has just made a loss and pays dividends only occasionally. Earnings- and dividend-based models (P/E, earnings yield, DVM) rely on stable, positive earnings or dividends, which RRR does not currently have, so valuing the tangible and identifiable intangible assets is more reliable.

質問 # 74
A company is wholly equity funded. It has the following relevant data:
* Dividend just paid $4 million
* Dividend growth rate is constant at 5%
* The risk free rate is 4%
* The market premium is 7%
* The company's equity beta factor is 1.2
Calculate the value of the company using the Dividend Growth Model.
Give your answer in $ million to 2 decimal places.
$ ? million

正解：

解説：
56.76, 56.75

質問 # 75
A manufacturing company based in Country R. where the currency is the R$, has an objective of maintaining an operating profit margin of at least 10% each year
Relevant data:
* The company makes sales to Country S whose currency is the SS It also makes sales to Country T whose currency is the T$ " All purchases are from Country U whose currency is the US.
* The settlement of an transactions is in the currency of the customer or supplier
Which of the following changes would be most likely to help the company achieve its objective?

A. The T$ weakens against the R$ over time
B. The R$ strengthens against the S$ over time.
C. The R$ strengthens against the U$ over time.
D. The R$ weakens against the U$ over time

正解：C

質問 # 76
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