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| 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: Financial Statement Analysis | 20% | - Income statement, balance sheet, cash flow statement - Common-size and trend analysis - Ratio analysis: liquidity, profitability, solvency, efficiency |
| Topic 4: Financial Markets and Corporate Objectives | 15% | - Goal of the firm: shareholder wealth maximization - Role of financial institutions - Types of financial markets and instruments |
| Topic 5: Risk and Return | 12% | - Portfolio risk and diversification - Systematic vs unsystematic risk - Beta and Capital Asset Pricing Model |
| Topic 6: Time Value of Money | 18% | - Effective vs nominal interest rates - Discounted cash flow valuation - Present value, future value, annuities, perpetuities |
| Topic 7: Valuation of Securities | 15% | - Stock valuation: dividend growth model, CAPM - Cost of capital components - Bond valuation, yield to maturity, risk characteristics |
>> Financial-Management関連合格問題 <<
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質問 # 76
To answer this question, refer to the cash flow worksheet and the internal rate of return (IRR) calculations.
The hospital is only interested in accepting projects with an IRR that exceeds 11%. Assuming the hospital has sufficient capital for both projects and is willing to invest for up to 10 years, which project(s) would the hospital accept?
正解：A
解説：
The internal rate of return (IRR) represents the discount rate at which a project's net present value (NPV) equals zero. Financial management theory states that a project should be accepted if its IRR exceeds the firm' s required rate of return (or hurdle rate), assuming conventional cash flows and no capital rationing.
In this scenario, the hospital has a minimum required return of 11% and sufficient capital to undertake all acceptable projects. Based on the provided IRR calculations, both Project A and Project B have IRRs exceeding 11%, making them financially acceptable under the IRR decision rule. Because there is no capital constraint and the investment horizon is sufficient, the hospital should accept both projects.
Financial management texts caution that IRR can sometimes produce misleading rankings when projects differ significantly in scale or timing. However, when evaluating independent projects with acceptable IRRs, the correct decision is to accept all projects that meet or exceed the required return. Option B correctly reflects this principle.
質問 # 77
How is the cash ratio calculated?
正解：C
解説：
The cash ratio is a strict liquidity ratio that measures a company's ability to pay its current liabilities using only its most liquid assets: cash and cash equivalents. The formula is Cash and Cash Equivalents divided by Current Liabilities. This makes answer A correct. Unlike the current ratio, which includes all current assets, or the quick ratio, which includes cash, marketable securities, and receivables, the cash ratio focuses only on immediately available funds. Because it excludes inventory and accounts receivable, it is the most conservative measure of short-term liquidity. Financial analysts use the cash ratio to evaluate whether a firm could meet near-term obligations even under stressful conditions where receivables are not collected quickly and inventory cannot be sold promptly. A very low cash ratio may indicate liquidity risk, while an extremely high cash ratio may suggest inefficient use of idle funds. Choice B is incorrect because total liabilities include long-term obligations. Choice C defines the current ratio, not the cash ratio. Choice D is not a meaningful ratio formula. Therefore, A correctly states the formula used to calculate the cash ratio in financial statement analysis and working capital management.
質問 # 78
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 # 79
What is a holding cost in inventory management?
正解：B
解説：
Holding cost, also called carrying cost, refers to the costs a firm incurs by keeping inventory on hand over time. These costs include storage, insurance, obsolescence, deterioration, spoilage, and the risk of price declines or damage. In addition, financial management often includes the opportunity cost of capital tied up in inventory as part of carrying cost. The key idea is that inventory is not free to hold; it uses space, requires protection, and can lose value while sitting unsold. Choice D is correct because it captures an important category of holding cost: the expense related to damage or unfavorable price changes. Choice A is incorrect because a discount to customers is a selling decision, not a holding cost. Choice B describes a production investment rather than an inventory carrying cost. Choice C relates more to receivables collection than to inventory holding. Effective inventory management aims to balance holding costs against ordering costs and stockout risk. Therefore, D is the correct answer because holding costs arise from maintaining inventory and facing the risk that stored goods may deteriorate, become obsolete, or lose value over time.
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質問 # 80
What is an advantage of using the Gordon growth model to estimate the cost of common equity?
正解：D
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 # 81
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