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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Risk and Return | 12% | - Beta and Capital Asset Pricing Model - Portfolio risk and diversification - Systematic vs unsystematic risk |
| Topic 2: Capital Structure and Financing | 10% | - Leverage and cost of capital - Dividend policy and payout decisions |
| Topic 3: Capital Budgeting | 10% | - NPV, IRR, payback period, profitability index - Cash flow estimation and project evaluation |
| Topic 4: Financial Statement Analysis | 20% | - Ratio analysis: liquidity, profitability, solvency, efficiency - Common-size and trend analysis - Income statement, balance sheet, cash flow statement |
| Topic 5: Time Value of Money | 18% | - Present value, future value, annuities, perpetuities - Effective vs nominal interest rates - Discounted cash flow valuation |
| Topic 6: Valuation of Securities | 15% | - Bond valuation, yield to maturity, risk characteristics - Cost of capital components - Stock valuation: dividend growth model, CAPM |
| Topic 7: Financial Markets and Corporate Objectives | 15% | - Role of financial institutions - Types of financial markets and instruments - Goal of the firm: shareholder wealth maximization |
>> WGU Financial-Management인증시험덤프 <<
Itcertkr의 WGU Financial-Management덤프는 IT업계에 오랜 시간동안 종사한 전문가들의 끊임없는 노력과 지금까지의 노하우로 만들어낸WGU Financial-Management시험대비 알맞춤 자료입니다. Itcertkr의 WGU Financial-Management덤프만 공부하시면 여러분은 충분히 안전하게 WGU Financial-Management시험을 패스하실 수 있습니다. Itcertkr WGU Financial-Management덤프의 도움으로 여러분은 IT업계에서 또 한층 업그레이드 될것입니다
질문 # 18
How do financial markets reduce the cost for companies to obtain financing from the sale of equity?
정답：A
설명：
Financial markets reduce the cost of obtaining equity financing primarily by providing liquidity. Liquidity means that investors can buy and sell securities quickly and with relatively low transaction costs. When investors know they can easily sell shares in an active market, they are more willing to purchase newly issued stock in the first place. This stronger investor demand helps firms raise capital more efficiently and often at a better price. In other words, a liquid market lowers the return investors require for holding the stock, which reduces the firm's cost of equity capital. This is important in financial management because a lower cost of capital increases the number of investment projects that can create value for shareholders. The other choices do not explain the real benefit of organized financial markets. Merely ensuring all trades are made does not address financing cost. Limiting or reducing the number of trades would generally make markets less efficient and less liquid, not more attractive to investors. Therefore, C is the correct answer because liquidity is one of the key services financial markets provide, and it directly supports firms' ability to raise equity capital at a lower cost.
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질문 # 19
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：A
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 # 20
Why might a firm use a combination of methods to calculate the cost of common equity?
정답：C
질문 # 21
Why is understanding exchange rate risk crucial for multinational corporations?
정답：C
설명：
Understanding exchange rate risk is crucial because exchange-rate movements can change the value of a multinational corporation's future cash flows, assets, liabilities, and reported earnings. A firm may sell products abroad, import raw materials, repay foreign-currency loans, or own subsidiaries in other countries. If exchange rates move unfavorably, the domestic-currency value of those transactions can decline, reducing profitability and potentially lowering the overall value of the firm. Exchange rate risk affects both operating decisions and financing decisions. For example, it can influence where a firm produces goods, which currency it borrows in, how it prices exports, and whether it should hedge future receipts or payments. This makes exchange-rate analysis a central part of international financial management, not a side issue. Choice A is incorrect because exchange rates are not stable. Choice C is incorrect because understanding the risk does not eliminate the complexity of international operations. Choice D is also incorrect because multinational business generally makes financial planning more difficult, not simpler. Therefore, B is correct because exchange-rate fluctuations can materially affect shareholder value and the financial performance of multinational corporations.
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질문 # 22
A stock has a dividend per share of $5 and is expected to grow at a constant rate of 3% indefinitely. The required rate of return is 9%.
What is the value of the stock?
정답：B
설명：
This question applies the Gordon growth (constant growth dividend discount) model, which values a stock as the present value of an infinite stream of dividends growing at a constant rate. The model assumes that dividends grow steadily and that the required rate of return exceeds the growth rate, ensuring a finite value. The formula is:
Stock Value = D# ÷ (r # g),
where D# is the dividend expected next year, r is the required rate of return, and g is the growth rate. If the current dividend is $5, the next dividend equals $5 × (1 + 0.03) = $5.15. Substituting into the formula gives:
$5.15 ÷ (0.09 # 0.03) = $5.15 ÷ 0.06 = $85.83.
This valuation approach is commonly used for mature firms with stable dividend policies and predictable growth. Financial managers and analysts rely on this model to estimate intrinsic stock value and assess whether a stock is overvalued or undervalued relative to its market price.
질문 # 23
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IT업계에 계속 종사할 의향이 있는 분들께 있어서 국제공인 자격증 몇개를 취득하는건 반드시 해야하는 선택이 아닌가 싶습니다. WGU Financial-Management 시험은 국제공인 자격증시험의 인기과목으로서 많은 분들이 저희WGU Financial-Management덤프를 구매하여 시험을 패스하여 자격증 취득에 성공하셨습니다. WGU Financial-Management 시험의 모든 문제를 커버하고 있는 고품질WGU Financial-Management덤프를 믿고 자격증 취득에 고고싱~!
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