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| Section | Weight | Objectives |
|---|---|---|
| Time Value of Money | 18% | - Effective vs nominal interest rates - Present value, future value, annuities, perpetuities - Discounted cash flow valuation |
| Capital Structure and Financing | 10% | - Dividend policy and payout decisions - Leverage and cost of capital |
| Financial Markets and Corporate Objectives | 15% | - Role of financial institutions - Types of financial markets and instruments - Goal of the firm: shareholder wealth maximization |
| Valuation of Securities | 15% | - Cost of capital components - Stock valuation: dividend growth model, CAPM - Bond valuation, yield to maturity, risk characteristics |
| Capital Budgeting | 10% | - NPV, IRR, payback period, profitability index - Cash flow estimation and project evaluation |
| Risk and Return | 12% | - Systematic vs unsystematic risk - Beta and Capital Asset Pricing Model - Portfolio risk and diversification |
| Financial Statement Analysis | 20% | - Income statement, balance sheet, cash flow statement - Common-size and trend analysis - Ratio analysis: liquidity, profitability, solvency, efficiency |
>> Financial-Management受験料過去問 <<
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質問 # 76
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?
正解：C
解説：
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.
質問 # 77
How is the cash ratio calculated?
正解：B
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 the goal of just-in-time (JIT) inventory management?
正解：D
解説：
Just-in-time (JIT) inventory management aims to minimize inventory levels by synchronizing production and deliveries closely with demand. By receiving materials only when needed, firms reduce holding costs such as storage, insurance, spoilage, and obsolescence. JIT also improves cash flow by freeing capital previously tied up in inventory and shortening the cash conversion cycle. Financial management literature highlights JIT as a strategy that enhances efficiency but requires reliable suppliers and precise demand forecasting. Option B accurately captures the core objective of JIT systems.
質問 # 79
What is a function of the Financial Industry Regulatory Authority (FINRA)?
正解：D
解説：
FINRA's core function is regulating brokerage firms and registered representatives to ensure fair and honest markets. It establishes and enforces rules governing trading practices, licensing, disclosure, and ethical conduct. FINRA also conducts examinations, investigates misconduct, and administers arbitration and mediation between investors and brokers. Unlike the Federal Reserve or FDIC, FINRA does not manage monetary policy or insure deposits. Financial management and regulatory texts consistently describe FINRA as a critical component of U.S. securities market oversight. Option D correctly identifies its primary role.
質問 # 80
Using the dividend discount valuation information provided, what is theintrinsic value of the stock?
正解：D
解説：
This question applies dividend-based stock valuation principles commonly covered under the Dividend Discount Model (DDM). The intrinsic value of a stock is determined by discounting expected future dividends at the investor's required rate of return. When dividends are expected to grow at a constant rate, financial management texts recommend using the Gordon Growth Model, which states that stock value equals the next expected dividend divided by the difference between the required return and the growth rate. The calculated value of $66.55 reflects the present value of expected future dividends based on the assumptions provided in the problem. This valuation technique is widely used for mature, dividend-paying firms with stable growth. The result represents the theoretical fair value of the stock, which investors compare to the current market price to assess whether the stock is undervalued or overvalued.
質問 # 81
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