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| Section | Objectives |
|---|---|
| Topic 1: Time Value of Money | - Present and future value calculations - Annuities and perpetuities |
| Topic 2: Cost of Capital and Valuation | - Bond and stock valuation basics - Weighted average cost of capital (WACC) |
| Topic 3: Risk and Return | - Portfolio risk and diversification - Expected return |
| Topic 4: Financial Statement Analysis | - Cash flow analysis - Financial ratios - Balance sheet and income statement interpretation |
| Topic 5: Capital Budgeting | - Net present value (NPV) - Payback period analysis - Internal rate of return (IRR) |
>> Financial-Management試験対策書 <<
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質問 # 73
What is a primary benefit of maintaining inventory?
正解：C
解説：
A primary benefit of maintaining inventory is that it allows a company to meet customer demand promptly and consistently. Inventory ensures that goods are available when customers want them, which supports sales, customer satisfaction, and competitive performance. Without adequate inventory, firms face stockouts that may lead to lost sales, damaged customer relationships, and reduced market share. Financial management recognizes that although inventory carries costs such as storage, insurance, obsolescence, and tied-up capital, it also provides important operational and strategic benefits. Choice D is correct because inventory exists largely to support uninterrupted operations and customer service. Choice A is incorrect because increasing the cash conversion cycle is generally a cost, not a benefit. Choice B is incorrect because simply holding inventory does not automatically decrease cost of goods sold. Choice C is also incorrect because maintaining inventory usually increases, rather than reduces, storage costs. Therefore, D is the correct answer because the main reason firms hold inventory is to ensure product availability and fulfill customer demand in a timely manner while supporting stable operations.
質問 # 74
How does the capital asset pricing model (CAPM) assist in investment decisions?
正解：B
解説：
The CAPM assists in investment decisions by helping investors and financial managers evaluate the relationship between risk and expected return. The model states that the expected return on a security equals the risk-free rate plus a risk premium based on the security's beta and the market risk premium. In this way, CAPM provides a structured method for deciding whether the expected return of a stock is adequate given its level of systematic risk. Choice C is correct because this risk-return trade-off is the core purpose of the model.
CAPM does not predict exact future prices, so choice B is incorrect. It also does not apply only to dividend- paying stocks, making choice A incorrect. Choice D is incorrect because no financial model can guarantee returns in an uncertain market. In financial management, CAPM is widely used to estimate the cost of common equity, evaluate investment performance, and compare required return across securities with different risk levels. Therefore, C is the best answer because CAPM is designed to support investment decisions by linking expected return to systematic market risk.
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質問 # 75
What is an advantage of using the Gordon growth model to estimate the cost of common equity?
正解：B
解説：
A major advantage of the Gordon growth model is that it explicitly incorporates expectations about future dividend growth. By linking the stock's value to anticipated dividends and their growth rate, the model aligns valuation with investors' forward-looking expectations rather than solely historical data.
This forward-looking nature is consistent with modern financial management principles, which emphasize expected future cash flows as the primary driver of value. Unlike CAPM, which focuses on risk via beta, the Gordon growth model directly reflects dividend policy and growth prospects. For mature firms with stable growth, this provides a practical and intuitive estimate of the cost of equity.
Option C correctly identifies this strength of the model.
質問 # 76
What does the DuPont equation decompose return on equity (ROE) into?
正解：C
解説：
The DuPont equation breaks return on equity (ROE) into three key components to show how profitability, efficiency, and leverage interact to drive shareholder returns. The classic three-step DuPont formula expresses ROE as:
ROE = Net Profit Margin × Total Asset Turnover × Equity Multiplier (or leverage measure).
Net profit margin reflects operating and cost efficiency, total asset turnover measures how effectively assets generate sales, and the equity multiplier (closely related to the debt-to-equity ratio) captures the impact of financial leverage. This decomposition allows analysts and managers to identify whether changes in ROE are driven by margins, asset utilization, or financing decisions. Option D correctly aligns with this framework by identifying net margin and asset turnover along with a leverage measure (debt-to-equity). The other options include ratios not used in the DuPont framework or omit a critical component. The DuPont analysis is widely used in financial management to diagnose performance issues and guide strategic improvements.
質問 # 77
What is a limitation of historical mean returns when estimating the cost of common equity?
正解：C
解説：
A limitation of using historical mean returns to estimate the cost of common equity is that past performance may not accurately reflect future investor expectations or future market conditions. Historical averages are backward-looking measures. They summarize what returns were earned over a past period, but they do not directly account for changing economic conditions, shifts in interest rates, changes in business risk, new competition, or revised growth expectations. Because the cost of equity is a forward-looking required return, relying only on historical mean returns can produce misleading estimates if the future differs materially from the past. Choice C is correct because it identifies the main weakness: historical returns may ignore current market conditions and future prospects. Choice A is incorrect because historical returns are usually straightforward to calculate. Choice B describes a dividend-based model, not a historical-return approach.
Choice D is also incorrect because the limitation is not that the method only applies to large firms. Financial managers often compare historical-return estimates with other methods, such as CAPM or dividend-growth approaches, to form a more balanced estimate of the cost of equity. Therefore, C is the correct answer.
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質問 # 78
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