Übrigens, Sie können die vollständige Version der Zertpruefung F3 Prüfungsfragen aus dem Cloud-Speicher herunterladen: https://drive.google.com/open?id=1poe9yR8A_hvIQpsQeEZigqkIsiUYXBA0
Wenn Sie Ihre Stelle in der schärf konkurrierten IT-Branche durch das Zertifikat von CIMA F3 festigen und somit Ihre beruflichen Fähigkeiten verstärken wollen, können Sie die Schulungsunterlagen zur CIMA F3 Zertifizierungsprüfung von unserem Zertpruefung wählen. Nach langjährigen Bemühungen haben unsere Erfolgsquote von der CIMA F3 Zertifizierungsprüfung 100% erreicht. Wählen Sie Zertpruefung, wählen Sie Erfolg.
| Section | Weight | Objectives |
|---|---|---|
| Financial Risks | 20% | - Types of financial risk
|
| Financial Policy Decisions | 15% | - Strategic financial objectives and stakeholder impact
|
| Sources of Long-term Funds | 25% | - Debt finance
- Equity finance
|
| Business Valuation | 40% | - Investment appraisal
- Mergers, acquisitions and divestments
|
>> CIMA F3 Zertifizierungsfragen <<
Zertpruefung hat riesiege Expertenteam, die Ihnen gültige Schulungsressourcen bieten. Sie haben die CIMA F3 (F3 Financial Strategy) Prüfungen in den letzten Jahren nach ihren Erfahrungen und Kenntnissen untersucht. Und endlich kommen die zielgerichteten Fragen und Antworten auf, die den IT-Kandidaten große Hilfe bieten. Nun können Sie im Internet Demo zur CIMA F3 (F3 Financial Strategy) Zertifizierungsprüfung kostenlos herunterladen. Viele IT-Fachleute haben bewiesen, dass Zertpruefung sehr zuverlässig ist. Wenn Sie die zielgerichteten Prüfungsfragen von Zertpruefung benutzt haben, können Sie normalerweise die CIMA F3 Zertifizierungsprüfung bestehen. Schicken Sie doch die Produkte von Zertpruefung in den Warenkorb. Sie werden sehr wahrscheinlich der nächste erfolgreiche IT-Fachmann.
421. Frage
A company has a financial objective of maintaining a gearing ratio of between 30% and 40%, where gearing is defined as debt/equity at market values.
The company has been affected by a recent economic downturn leading to a shortage of liquidity and a fall in the share price during 20X1.
On 31 December 20X1 the company was funded by:
* Share capital of 4 million $1 shares trading at $4.0 per share.
* Debt of $7 million floating rate borrowings.
The directors plan to raise $2 million additional borrowings in order to improve liquidity.
They expect this to reassure investors about the company's liquidity position and result in a rise in the share price to $4.2 per share.
Is the planned increase in borrowings expected to help the company meet its gearing objective?
Antwort: B
Begründung:
Before announcement:
Equity = 4m shares × $4.0 = $16m
Debt = $7m
Gearing = 7 / 16 = 43.75% # already above 40%.
After additional $2m debt and higher share price:
Debt = 7 + 2 = $9m
Equity = 4m × $4.2 = $16.8m
Gearing = 9 / 16.8 # 53.6% # even further above the 40% ceiling.
So the gearing objective is exceeded both before and after, and gearing rises.
422. Frage
The two founding directors of an unlisted geared company want to establish its value as they are intending to approach a venture capitalist for additional funding.
The funding will be used to invest in a major new project which has very high growth potential. The directors intend to sell 10% of the company to the venture capitalist They have prepared the following current valuation of the company using the divided valuation model:
The following information is relevant.
* $60,000 is the most recent dividend paid.
* 4% is the average dividend growth over the last few years.
* 10% is an estimate of the company's cost of equity using the CAPM model with the industry average asset beta Which THREE of the following are weaknesses of the valuation method used in these circumstances?
Antwort: A,C,E
Begründung:
A - Industry average asset beta: The company is geared, so the appropriate beta for use in CAPM is an equity beta (asset beta re-geared to the firm's capital structure). Using an asset beta directly will understate equity risk and therefore understate the cost of equity and overvalue the company.
B - Constant dividend growth unlikely: The Gordon growth (dividend valuation) model assumes a constant growth rate in dividends in perpetuity. Here, a major new high-growth project means growth is likely to be uneven (possibly high for a period then stabilising), so the constant-g assumption is weak.
C - Future vs historical growth: They have simply projected the historical 4% growth into the future, but with a "very high growth potential" project, future dividend growth is unlikely to match the historic rate. That makes the choice of g highly questionable.
D is not inherently a weakness - the model values total equity; a 10% stake is simply 10% of that value (before considering any minority discounts).
E is incorrect - CAPM can be used for unlisted companies by using proxy betas from comparable listed firms.
423. Frage
A large multi-divisional company in the food processing and distribution business is conducting a strategic review. The divisions all compete in the same market.
The sale of one of its underperforming food processing divisions to the divisional management team is currently being considered. The purchase by the divisional management team will require venture capital finance.
Which THREE of the following are likely to influence the multi-divisional company's decision on whether or not to sell the under-performing division to the management team?
Antwort: B,C,D
Begründung:
The seller will mainly care about:
Protecting the rest of the group - whether the sale would damage the remaining divisions.
Receiving an acceptable price - whether the MBO team can actually finance the deal.
Evaluate each option:
A: Confidential information about other divisions - If the team leaves and runs an independent business, they could use that confidential information against the remaining divisions. This clearly influences the parent's decision. # B: Skills/experience important to other divisions - If these managers are key to the success of other divisions, the parent may not want to lose them. This also directly affects the decision. # C: Ability to raise finance at a reasonable price - If the team cannot raise sufficient funds, or can only do so on terms that depress the price, the parent might not proceed. This is crucial to whether the sale can happen. # D: Ability to manage the divested division successfully - this matters more to the venture capitalist than to the selling company once the division is sold.
E: Conditions imposed by the venture capitalist - primarily a concern for the management team and VC, unless they somehow affect the sale price or parent's risk, which is not indicated here.
Correct answer: A, B and C.
424. Frage
A listed company in a high technology industry has decided to value its intellectual capital using the Calculated Intangible Value method (CIV).
Relevant data for the company:
* Pays corporate income tax at 30%
* Cost of equity is 9%, pre-tax cost of debt is 7% and the WACC is 8%
* The value spread has been calculated as $26 million
Calculate the CIV for the company.
Antwort: D
425. Frage
An aerospace company is planning to diversify into car manufacturing.
Relevant data:
What is the the cost of equity to be used in the WACC for the project appraisal?
Give your answer in percentage, as a whole number.
? %
Antwort:
Begründung:
19
426. Frage
......
Um der Anforderung des aktuellen realen Test gerecht zu werden, aktualisiert das Technik-Team von Zertpruefung rechtzeitig die Fragen und Antworten zur CIMA F3 Zertifizierungsprüfung. Wir akzeptieren immer Rückmeldungen von Benutzern und nehmen viele ihre Vorschläge an, was zu einer perfekten Schulungsmaterialien zur CIMA F3 Prüfung macht. Dies ermöglicht Zertpruefung, immer Produkte von bester Qualität zu besitzen.
F3 Online Test: https://www.zertpruefung.de/F3_exam.html
Außerdem sind jetzt einige Teile dieser Zertpruefung F3 Prüfungsfragen kostenlos erhältlich: https://drive.google.com/open?id=1poe9yR8A_hvIQpsQeEZigqkIsiUYXBA0