試験の準備方法-検証するF3赤本勉強試験-便利なF3赤本合格率

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CIMAPRA19-F03-1試験に合格するには、候補者は財務管理と会計原則に強力な基盤を持っている必要があります。また、優れた分析的および問題解決スキル、および複雑な財務情報を明確で簡潔な方法で伝える能力も持っている必要があります。この試験は、客観的なテストの質問とケーススタディで構成されており、候補者は実際のビジネスシナリオに財務戦略の概念を適用する能力を実証する必要があります。

CIMA F3認定試験は、財務管理のキャリアを促進しようとしている財務専門家にとって高く評価されている専門的な認定です。戦略的な財務上の決定を下すために不可欠な幅広いトピックをカバーしており、金融業界の雇用主によって世界的に認識されています。この試験に合格すると、候補者の専門能力開発へのコミットメントが示され、キャリアの進歩とより高い収益の可能性の機会を提供します。

>> F3赤本勉強 <<

F3赤本合格率、F3テスト内容

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CIMA CIMAPRA19-F03-1（F3 Financial Strategy）認定試験は、財務戦略スキルを向上させようとする専門家向けに設計された業界をリードする認定試験です。この試験の目的は、組織の全体的なビジネス目標のコンテキストで金融戦略を開発および実施する候補者の能力をテストすることを目的としています。この認定は、競争力のある金融業界でのキャリアを促進しようとしている金融、会計、ビジネス分析の役割で働く専門家に最適です。

CIMA F3 Financial Strategy 認定 F3 試験問題 (Q187-Q192):

質問 # 187
Company ABD and Company BCD operate in the same industry and each has a significant market share.
The directors of Company ABD have heard rumours in the market that Company BCD is planning to bid to takeover Company ABD. They do not believe the takeover would be in the best interests of the shareholders and are therefore keen to prevent the bid from going ahead.
Which THREE of the following defense strategies could be used by the directors of Company ABD at this point in time?

A. Communicate effectively with their shareholders
B. Revalue the non-current assets
C. Refer the bid to the competition authorities
D. Poison Pill
E. White Knight

正解：A、B、D

解説：
At the rumour stage (pre-bid), suitable defences are pre-emptive ones:
A - Communicate effectively with shareholders: build support and explain strategy to keep the share price fair and reduce vulnerability.
B - Revalue non-current assets: helps ensure the shares are not undervalued and makes any bid look less attractive.
D - Poison pill: introduce mechanisms (e.g. rights issues to existing shareholders) that make a hostile bid very costly.
C (competition authorities) and E (white knight) are reactive and typically used only once an actual bid has been made.

質問 # 188
A company's latest accounts show profit after tax of $20.0 million, after deducting interest of $5.0 million. The company expects earnings to grow at 5% per annum indefinitely.
The company has estimated its cost of equity at 12%, which is included in the company WACC of 10%.
Assuming that profit after tax is equivalent to cash flows, what is the value of the equity capital?
Give your answer to the nearest $ million.
$ ? million

正解：

解説：
300, 300000000

質問 # 189
Company M plans to bid for Company J. Company M has 20 million shares in issue and a current share price of $10.00 before publicly announcing the planned takeover. Company J has 10 million shares in issue and a current share price of $4.00.
The directors of Company M are considering an all-share bid of 1 Company M shares for 2 Company J shares.
Synergies worth $20m are expected from the acquisition.
What is the likely change in wealth for Company M's shareholders (in total) if the bid is accepted?
Give your answer to the nearest $ million.
$ ? million

A. 20m shares at $10 # value = $200m
B. 0
C. $8 million
D. 10m shares at $4 # value = $40mSynergies = $20mOffer: 1 M share for every 2 J shares # new M shares issued = 10m × ½ = 5m.Total M shares after deal = 20m + 5m = 25m.Total combined value (including synergies):200+40+20=260m200 + 40 + 20 = 260\text{m}200+40+20=260m Post- acquisition share price:260/25=10.40260 / 25 = 10.40260/25=10.40 Wealth of original M shareholders after:20m×10.40=208m20m \times 10.40 = 208m20m×10.40=208m Before: 20m × 10 = 200m.Change in wealth = 208m # 200m = $8m.

正解：A、B、C、D

質問 # 190
Using the CAPM, the expected return for a company is 10%. The market return is 7% and the risk free rate is 1%.
What does the beta factor used in this calculation indicate about the risk of the company?

A. It has the same risk as the average market risk.
B. It has greater risk than the average market risk.
C. It is not possible to tell from CAPM.
D. It has lower risk than the average market risk.

正解：B

質問 # 191
A company's statement of financial position includes non-current assets which are leased, the tax regime follows the accounting treatment.
Which cash flows should be discounted when evaluating the cost of lease finance?

A. Lease payments and straight-line accounting depreciation.
B. Lease payments and implied interest.
C. Lease payments, tax relief on implied interest and tax relief on straight-line account depreciation.
D. Lease payments, implied interested and straight-line accounting deprediation.

正解：C

解説：
When valuing lease finance you discount actual cash flows only.
The cash outflow is the lease payment itself.
Because the tax regime follows the accounting treatment, the lessee gets tax relief on:
the implied interest component of the lease, and
the depreciation (straight-line) charged on the leased asset.
These tax reliefs are cash inflows (reduced tax paid) and must also be included in the discounted cash-flow calculation. Interest and depreciation themselves are not cash flows; only their associated tax shields are.

質問 # 192
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