Financial-Management인증시험은 IT업계에 종사하고 계신 분이시라면 최근 많은 인기를 누리고 있다는 것을 알고 계실것입니다. Financial-Management인증시험을 패스하여 자격증을 취득하는데 가장 쉬운 방법은 ExamPassdump에서 제공해드리는 Financial-Management덤프를 공부하는 것입니다. WGU Financial-Management덤프에 있는 문제와 답만 기억하시면 Financial-Management시험을 패스하는데 많은 도움이 됩니다.덤프구매후 최신버전으로 업데이트되면 업데이트버전을 시스템 자동으로 구매시 사용한 메일주소로 발송해드려 덤프유효기간을 최대한 길게 연장해드립니다.
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Capital Structure and Financing | 10% | - Dividend policy and payout decisions - Leverage and cost of capital |
| Topic 2: Capital Budgeting | 10% | - Cash flow estimation and project evaluation - NPV, IRR, payback period, profitability index |
| Topic 3: Time Value of Money | 18% | - Effective vs nominal interest rates - Discounted cash flow valuation - Present value, future value, annuities, perpetuities |
| Topic 4: Financial Statement Analysis | 20% | - Ratio analysis: liquidity, profitability, solvency, efficiency - Income statement, balance sheet, cash flow statement - Common-size and trend analysis |
| Topic 5: Financial Markets and Corporate Objectives | 15% | - Goal of the firm: shareholder wealth maximization - Role of financial institutions - Types of financial markets and instruments |
| Topic 6: Risk and Return | 12% | - Portfolio risk and diversification - Systematic vs unsystematic risk - Beta and Capital Asset Pricing Model |
| Topic 7: Valuation of Securities | 15% | - Bond valuation, yield to maturity, risk characteristics - Cost of capital components - Stock valuation: dividend growth model, CAPM |
>> Financial-Management시험덤프 <<
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질문 # 75
What distinguishes free cash flow to equity (FCFE) from free cash flow to the firm (FCFF)?
정답：B
설명：
Free cash flow concepts are central to valuation. Free cash flow to the firm (FCFF) represents cash available to all capital providers-both debt and equity-before interest and principal repayments. In contrast, free cash flow to equity (FCFE) measures the cash available exclusively to common shareholders after all operating expenses, capital expenditures, working capital needs, and debt obligations (interest and principal) have been satisfied. This distinction determines which discount rate analysts use: FCFF is discounted at the weighted average cost of capital (WACC), while FCFE is discounted at the cost of equity. FCFE is especially useful when valuing equity directly or when a firm's leverage is stable and predictable. Option C correctly captures this defining difference, while the other options misstate cash flow allocation or confuse accounting adjustments with distributable cash.
질문 # 76
What distinguishes a subordinated debenture from a senior debenture?
정답：B
설명：
A subordinated debenture differs from a senior debenture primarily in the priority of claims. Both are typically unsecured debt instruments, but subordinated debentures rank below senior debentures in the event of liquidation or bankruptcy. This means holders of senior debt are paid before holders of subordinated debt if the firm's assets are distributed. Because subordinated debenture holders face greater default risk, they usually require a higher yield as compensation. This ranking feature is a key concept in capital market theory because the risk level of a security affects investor required return and the issuer's cost of capital. Choice A is the opposite of the correct answer. Choice C is incorrect because a debenture is generally unsecured, and subordination does not mean collateral is provided. Choice D is unrelated to the distinction between the two instruments. Financial managers must understand debt priority because it influences financing choices, covenant design, investor demand, and interest cost. Therefore, B is correct because subordination means a lower claim on assets and cash flows relative to senior debtholders.
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질문 # 77
Which ratio indicates the ratio of a company's current assets relative to its current liabilities?
정답：B
설명：
The current ratio measures a company's short-term liquidity by comparing current assets to current liabilities.
It is calculated as Current Assets ÷ Current Liabilities. This ratio indicates whether the firm has enough short- term resources, such as cash, accounts receivable, and inventory, to meet obligations due within one year. A current ratio above 1.0 generally suggests that current assets exceed current liabilities, although the ideal level depends on the industry and the nature of the business. Financial managers and analysts use the current ratio to evaluate liquidity risk, operating flexibility, and working capital strength. Choice B is correct because it directly matches the definition in the question. Choice A is incorrect because fixed asset turnover measures how efficiently fixed assets generate sales. Choice C is incorrect because working capital turnover focuses on sales relative to net working capital rather than simply comparing current assets and current liabilities. Choice D is incorrect because inventory turnover measures how efficiently inventory is sold and replaced. Therefore, B is the correct answer because the current ratio is the standard liquidity ratio used to compare current assets with current liabilities.
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질문 # 78
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 # 79
What is a potential drawback of lowering the annual dividend payment?
정답：C
설명：
Dividend policy carries important signaling effects in financial markets. Investors often view dividends as a signal of management's confidence in the firm's future cash flows. When a company lowers its dividend, shareholders may interpret the action as a sign of financial distress, declining profitability, or uncertainty about future earnings. This negative perception can result in a decline in the firm's stock price and reduced investor confidence. While dividend reductions may free up cash for reinvestment and improve long-term financial flexibility, the short-term market reaction is often unfavorable.
Financial management literature stresses that dividend changes should be made cautiously and clearly communicated to avoid misinterpretation. Option D correctly identifies this key drawback.
질문 # 80
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