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CIMA F3 Exam Syllabus Topics:

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最新的 CIMA Strategic level F3 免費考試真題 (Q348-Q353):

問題 #348
A company is located in a single country. The company manufactures electncal 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. Translation and economic risks.
• B. Transaction and economic risks
• C. Transaction risk only
• D. Transaction, economic and translation risks.

答案：D

問題 #349
The Treasurer of Z intends to use interest rate options to set an interest rate cap on Z's borrowings.
Which of the following statement is correct?

• A. The cost of a collar is lower than the cost of a cap a one.
• B. The Treasurer will retain the benefit of movements in interest rates below the floor limit.
• C. The Treasurer should buy an interested rate floor and sell an interested cap ta the same time
• D. The Treasurer will have to negotiate the options with Z's Dark

答案：A

問題 #350
A profit-seeking company intends to acquire another company for a variety of reasons, primarily to enhance shareholder wealth.
Which THREE of the following offer the greatest potential for enhancing shareholder wealth?

• A. Elimination of existing competition.
• B. Acquiring Intellectual Property assets.
• C. Achieving greater cultural diversity.
• D. Exploiting production synergies.
• E. Achieving more press coverage for the company.
• F. Creating new opportunities for employees.

答案：A,B,D

解題說明：
CIMA F3 clearly states that acquisitions enhance shareholder wealth only if they create real economic value, not just strategic or reputational benefits.
A). Press coverage - #
Media exposure does not directly generate cash flows or economic value.
B). New opportunities for employees - #
While beneficial socially, this does not directly enhance shareholder wealth unless it improves profitability.
C). Cultural diversity - #
CIMA F3 treats this as a soft benefit with no guaranteed financial return.
D). Acquiring Intellectual Property - #
IP can generate monopoly power, licensing income, and sustainable competitive advantage, directly increasing future cash flows.
E). Exploiting production synergies - #
Cost savings and operational efficiencies are a primary source of acquisition value highlighted throughout the F3 syllabus.
F). Elimination of competition - #
Reduced competition can increase pricing power and market share, improving long-term profitability and shareholder value.

問題 #351
A company has a covenant on its 5% long-term bond, stipulating that its retained earnings must not fall below $2 million.
The company has 100 million shares in issue.
Its most recent dividend was $0.045 per share. It has committed to grow the dividend per share by 4% each year.
The nominal value of the bond is $60 million. It is currently trading at 80% of its nominal value.
Next year's earnings before interest and taxation are projected to be $11.25 million.
The rate of corporate tax is 20%.
If the company increases the dividend by 4%, advise the Board of Directors if the level of retained earnings will comply with the covenant?

• A. Covenant is not breached as retained earnings = $2.10 million.
• B. The covenant is not breached as retained earnings = $4.68 million.
• C. Covenant is not breached as retained earnings = $2.40 million.
• D. Covenant is breached as retained earnings = $1.92 million.

答案：D

問題 #352
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.

答案：

解題說明：
$ million.
$130 millionIn CIMA F3, venture capital investments are analysed by separating equity returns from debt returns. The question clearly states that the venture capitalist's required return of 20% per annum (compound) applies only to the equity portion of the investment. The bond investment is a fixed-income instrument and does not influence the equity valuation target.Step 1: Identify the equity investmentThe venture capitalist purchases:9 million shares at $2 per shareEquity investment=9 million×2=$18 million\text{Equity investment} = 9\,\text{million} \times 2 = \$18\,\text{million}Equity investment=9million×2=$18million Step 2: Apply the required compound returnRequired equity return = 20% per annum for 3 yearsUsing compound growth (as required by CIMA F3):Future value of equity=18×(1.20)3\text{Future value of equity}
= 18 \times (1.20)

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