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| Section | Objectives |
|---|---|
| Topic 1: Financial Statement Analysis | - Ratio Analysis
|
| Topic 2: Cost of Capital and Capital Structure | - Cost of Capital
|
| Topic 3: Capital Budgeting | - Decision Criteria
|
| Topic 4: Time Value of Money | - Bond and Stock Valuation
|
| Topic 5: Financial Management Concepts | - Financial Markets and Institutions
|
| Topic 6: Working Capital Management | - Current Liabilities Management
|
>> Financial-Management學習資料 <<
Financial-Management認證考試是WGU 的認證考試中分量比較重的一個。但是要通過WGU Financial-Management認證考試不是那麼簡單。Testpdf為了給正在為Financial-Management認證考試的備考的考生減輕壓力，節約時間和精力，專門研究了多種培訓工具，所以在Testpdf你可以選擇適合你的快速培訓方式來通過考試。
問題 #61
How is the cash ratio calculated?
答案：D
解題說明：
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.
問題 #62
What does the DuPont equation decompose return on equity (ROE) into?
答案：C
解題說明：
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.
問題 #63
A company is expected to pay a dividend of $2 next year, and dividends are expected to grow at 5% per year indefinitely. The required rate of return on the company's stock is 10%.
What is the value of the stock using the Gordon growth model?
答案：C
解題說明：
The Gordon growth model values a stock assuming dividends grow at a constant rate indefinitely. The formula is:
Stock Value = D# ÷ (r # g),
where D# is the expected dividend next year, r is the required rate of return, and g is the growth rate.
Substituting the values:
$2 ÷ (0.10 # 0.05) = $2 ÷ 0.05 = $40.
This model is widely used in valuation for mature companies with stable dividend growth. It highlights the sensitivity of stock value to growth expectations and required returns. Option C correctly applies the Gordon growth model formula.
問題 #64
What is the usual impact of high asset tangibility on capital structure?
答案：B
解題說明：
Asset tangibility refers to the proportion of a firm's assets that are physical and can be used as collateral, such as property, plant, and equipment. Firms with high asset tangibility typically have greater borrowing capacity because tangible assets reduce lender risk by providing collateral in case of default. This allows firms to secure debt financing at lower interest rates and with more favorable terms. Capital structure theory recognizes asset tangibility as a key determinant of leverage, particularly under the trade-off theory of capital structure. Option A accurately reflects the standard financial management view.
問題 #65
How does the use of historical returns to estimate the cost of common equity differ from the Gordon growth model?
答案：C
解題說明：
The historical-return approach differs from the Gordon growth model because it is based primarily on past stock performance rather than on expected future dividends and growth. Under the historical-return method, analysts estimate the cost of common equity by examining the returns investors earned on the firm's stock over prior periods. The Gordon growth model, by contrast, is a forward-looking dividend-based approach that estimates the cost of equity as the expected dividend yield plus the constant growth rate of dividends. Choice D is correct because it captures the defining feature of the historical-return method. Choice B and choice C describe the Gordon growth model rather than the historical-return approach. Choice A is more closely associated with CAPM, which uses market risk and beta. Financial management often uses multiple methods to estimate the cost of equity because each approach has limitations. Historical returns can be useful as a reference point, but they may not reflect current risk or investor expectations. The Gordon growth model can be useful for stable dividend-paying firms, but it is less suitable for firms without predictable dividends.
Therefore, D correctly explains the main difference between these two valuation methods.
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問題 #66
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如果你選擇了報名參加WGU Financial-Management 認證考試，你就應該馬上選擇一份好的學習資料或培訓課程來準備考試。因為WGU Financial-Management 是一個很難通過的認證考試，要想通過考試必須為考試做好充分的準備。
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BONUS!!! 免費下載Testpdf Financial-Management考試題庫的完整版：https://drive.google.com/open?id=1dPJYllMAppppHjsgTlBDIlXX95-OmWeN