CIMAPRA19-F03-1 Musterprüfungsfragen - CIMAPRA19-F03-1Zertifizierung & CIMAPRA19-F03-1Testfagen

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CIMA CIMAPRA19-F03-1 Exam Syllabus Topics:

Section	Weight	Objectives
Business Valuation	40%	- Investment appraisal 1. NPV, IRR, payback, discounted payback 2. Adjusted present value (APV) - Valuation methods 1. Asset-based valuation 2. Relative valuation: P/E, EV/EBITDA 3. Discounted cash flow (DCF) - Mergers, acquisitions and divestments 1. Financing and post-deal integration 2. Valuation of target companies - Impairment testing and value management
Sources of Long-term Funds	25%	- Capital structure theories and WACC 1. Modigliani-Miller propositions 2. Cost of capital calculation - Equity finance 1. Ordinary shares, preference shares, rights issues 2. Flotation and listing methods - Debt finance 1. Leasing and sale-and-leaseback 2. Bonds, loans, convertible instruments - Dividend policy and distribution strategies
Financial Policy Decisions	15%	- Interaction between investment, financing and dividend decisions - Strategic financial objectives and stakeholder impact 1. Financial objective setting 2. Taxation and regulatory framework 3. ESG and ethical influences
Financial Risks	20%	- Types of financial risk 1. Interest rate risk 2. Credit and liquidity risk 3. Foreign exchange risk - Risk reporting and governance - Risk measurement and assessment 1. Value-at-Risk, sensitivity analysis - Risk management techniques 1. Hedging strategies 2. Derivatives: futures, forwards, swaps, options

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CIMA F3 Financial Strategy CIMAPRA19-F03-1 Prüfungsfragen mit Lösungen (Q44-Q49):

44. Frage
X exports goods to customers in a number of small countries Asia. At present, X invoices customers in X's home currency.
The Sales Director has proposed that X should begin to invoice in the customers currency, and the Treasurers considering the implications of the proposal.
Which TWO of the following statement are correct?

A. X may be able to sell the receipts forward.
B. The overseas customers may have difficulty obtaining X's name currency with which to make the purchases, so the Sales Director's proposal may increase sales.
C. The customer will tear the foreign exchange risk and will only buy from X if they are prepared to accept this.
D. If the proposal is adopted, X will have a lower effective sales price per unit due to exchange rate fluctuations.
E. X will know advance the amount of home currency it will receive for the export sales.

Antwort: B,D

45. Frage
PTT has a number of subsidiary companies around the world, including FTT based in Europe and CTT based in Indonesia CTT purchases all of us raw materials from FTT CTT processes these materials and the resulting products are exported to several different countries CTT pays FTT in the Indonesian currency.
Indonesia's inflation is higher than that of FTTs home country
Which of the following statements are correct?
Select ALL that apply

A. FTT will be exposed to transaction risks as the Indonesian currency will appreciate over time because of the expected inflation rates
B. CTT will be exposed to translation risk because FTT will almost certainly have to reflect the changing prices in its selling price and it will be difficult for CTT to make a profit
C. FTT could ask for ail payments to K to be made in its home currency, which would reduce exposure to currency risk
D. FTT could investigate whether it could import anything from Indonesia in order to create a natural hedge.
E. FTT will be exposed to transaction risk The Indonesian currency that it receives Is likely to decline over time because of anticipated inflation

Antwort: C,D,E

Begründung:
Indonesia has higher inflation, so its currency is expected to depreciate, not appreciate.
A: Wrong - says appreciate.
B: Correct - FTT receives a currency likely to fall in value, so it has transaction risk.
C: Correct - invoicing in FTT's home currency shifts/reduces its own currency risk.
D: Incorrect - that's more about business/operational risk, not translation risk.
E: Correct - if FTT also pays out Indonesian currency (e.g. imports from Indonesia), receipts and payments can naturally hedge each other.

46. Frage
A company is considering taking out $10.000,000 of floating rate bank borrowings to finance a new project. The current rate available to the company on floating rate barrowings is 8%. The borrowings contain a covenant based on an interested cover of 5 times.
The project is expected to generate the following results:

At what interest rate on the floating rate borrowings is the bank covenant first breached?

A. 9.4%
B. 11.0%
C. 10.0%
D. 8.0%

Antwort: B

47. Frage
Which THREE of the following methods of business valuation would give a valuation of the equity of an entity, rather than the value of the whole entity?

A. Non-current assets, plus current assets, minus current liabilities
B. Total earnings x appropriate price-earnings ratio.
C. Forecast future cash flows to equity, discounted at the cost of equity.
D. Expected dividend in one year's time / (cost of equity - growth rate).
E. Forecast future cash flows to all Investors, discounted at the weighted average cost of capital.

Antwort: B,C,D

Begründung:
We want methods that give the value of equity, not the value of the whole entity.
A). D# / (k# - g) # Gordon growth dividend model = value of equity (share value). #
B). Total earnings × P/E # market capitalisation = equity value. #
C). Free cash flows to all investors discounted at WACC # enterprise / firm value (equity + debt). #
D). Free cash flows to equity discounted at cost of equity # equity value. #
E). NCA + CA # CL # value of net assets before deducting long-term debt, i.e. value of the business to all capital providers, not just equity. # So correct choices: A, B, D.

48. Frage
A listed company is planning a share repurchase.
Research into different offer prices has given the following data with regards acceptance by the shareholders at different prices:

What price should be offered to shareholders if the retained earnings of the company are to remain unchanged?

A. $10.00
B. $9.50
C. $8.50
D. $9.00

Antwort: B

49. Frage
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