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| Section | Weight | Objectives |
|---|---|---|
| Valuation of Securities | 15% | - Cost of capital components - Stock valuation: dividend growth model, CAPM - Bond valuation, yield to maturity, risk characteristics |
| Risk and Return | 12% | - Beta and Capital Asset Pricing Model - Portfolio risk and diversification - Systematic vs unsystematic risk |
| Capital Structure and Financing | 10% | - Leverage and cost of capital - Dividend policy and payout decisions |
| Time Value of Money | 18% | - Effective vs nominal interest rates - Discounted cash flow valuation - Present value, future value, annuities, perpetuities |
| Financial Statement Analysis | 20% | - Common-size and trend analysis - Income statement, balance sheet, cash flow statement - Ratio analysis: liquidity, profitability, solvency, efficiency |
| Capital Budgeting | 10% | - NPV, IRR, payback period, profitability index - Cash flow estimation and project evaluation |
| Financial Markets and Corporate Objectives | 15% | - Goal of the firm: shareholder wealth maximization - Role of financial institutions - Types of financial markets and instruments |
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질문 # 60
What is the difference between market orders and limit orders?
정답：A
설명：
A market order instructs a broker to buy or sell a security immediately at the best available current market price. The main priority of a market order is speed of execution, not price certainty. In contrast, a limit order specifies the exact price at which an investor is willing to buy or sell. A buy limit order will only execute at the limit price or lower, while a sell limit order will only execute at the limit price or higher. The advantage of a limit order is price control, but the tradeoff is that the order may not be filled if the market never reaches the specified price. This distinction is important in capital markets because it affects trading strategy, transaction cost, and execution risk. Choice A reverses the real logic. Choice B is incorrect because both market and limit orders can be used for either buying or selling. Choice D is also incorrect because market orders do not execute at a fixed price; they execute at whatever the best available market price is at that moment. Therefore, C correctly states the fundamental difference between market orders and limit orders.
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질문 # 61
What costs are considered part of an asset's initial investment?
정답：D
설명：
The initial investment for a capital project includes all costs required to acquire and prepare an asset for use. These costs typically include purchase price, delivery, installation, testing, and any necessary setup expenses. Financial management texts clearly distinguish these capitalized costs from expenses such as depreciation, which is an accounting allocation over time, and salvage value, which is considered at the end of a project's life. Market research is usually treated as a separate operating or planning expense unless directly attributable to asset acquisition. Option B correctly identifies delivery and installation as part of the initial investment.
질문 # 62
Which type of company would likely have a high credit rating for its bonds?
정답：A
설명：
Bond credit ratings assess the likelihood that a borrower will meet its interest and principal obligations.
Rating agencies evaluate factors such as earnings stability, cash flow coverage, leverage, liquidity, and overall business risk. Companies with strong, consistent earnings and low leverage are viewed as less risky because they have greater capacity to service debt even during economic downturns. High liquidity further reduces default risk by ensuring near-term obligations can be met. Option C best matches these criteria. Firms with a history of default, excessive leverage, weak liquidity, or uncertain business models face higher perceived risk and therefore receive lower credit ratings. High credit ratings allow firms to borrow at lower interest rates, reducing financing costs and improving financial flexibility-key goals in long-term financial management.
질문 # 63
Which characteristic is unique to preferred stock?
정답：C
설명：
Preferred stock is distinguished by its fixed or stated dividend, which is typically paid before any dividends are distributed to common shareholders. This feature makes preferred stock resemble debt in terms of predictable income, while still being classified as equity on the balance sheet. Unlike common stockholders, preferred shareholders generally do not have voting rights and have limited potential for capital appreciation. However, they enjoy priority over common stockholders in dividend payments and, in liquidation, over residual equity claims. From a financial management standpoint, preferred stock provides firms with a flexible financing option that does not increase leverage in the same way as debt while offering investors relatively stable income. Option C correctly identifies the defining characteristic of preferred stock.
질문 # 64
What is the dividend yield of a stock that pays annual dividends of $4 per share and has a current market price of $80?
정답：B
설명：
Dividend yield measures the cash return an investor receives relative to the stock's current market price. It is calculated as Annual Dividend ÷ Market Price per Share. In this case, the dividend yield is
$4 ÷ $80 = 0.05, or 5%. Dividend yield is a key valuation metric, particularly for income-oriented investors, as it indicates the immediate cash return from holding the stock, excluding capital gains.
Financial managers monitor dividend yield to understand how dividend policy affects investor appeal and market valuation. Option B correctly reflects this calculation and interpretation.
질문 # 65
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Financial-Management완벽한 인증자료: https://www.koreadumps.com/Financial-Management_exam-braindumps.html
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