さらに、Topexam F3ダンプの一部が現在無料で提供されています：https://drive.google.com/open?id=1zeKy2ayXb3dxOf3w3UARwhQTFmAlsY3k
当社CIMAのF3ガイド急流は、過去の試験論文と業界での人気の傾向に基づいて、厳密な分析と要約を行っており、改訂および更新されています。 F3試験問題により、洗練された概念が簡素化されました。このソフトウェアは、さまざまな自己学習および自己評価機能を強化して、学習結果を確認します。 F3テストトレントのソフトウェアは、統計レポート機能を提供し、学生が脆弱なリンクを見つけて対処するのに役立ちます。 F3試験問題のこのバージョンを使用すると、試験に簡単に合格することができます。
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Investment Appraisal and Decisions | 25% | - Advanced investment appraisal techniques
|
| Topic 2: Business Valuation | 20% | - Valuation concepts and purposes
|
| Topic 3: Financial Policy Decisions | 15% | - Dividend and distribution policy
|
| Topic 4: Financial Risk Management | 15% | - Risk mitigation and hedging strategies
|
| Topic 5: Sources of Long-Term Finance | 25% | - Optimal capital structure
|
他の人はあちこちでCIMA F3試験資料を探しているとき、あなたはすでに勉強中で、準備階段でライバルに先立ちます。また、我々Topexamは量豊かのCIMA F3試験資料を提供しますし、ソフト版であなたにCIMA F3試験の最も現実的な環境をシミュレートさせます。勉強中で、何の質問があると、メールで我々はあなたのためにすぐ解決します。心配はありませんし、一心不乱に試験復習に取り組んでいます。
質問 # 335
PPA owns $500,000 of shares in Company ABB.
Company ABB has a daily volatility of 2% of its share price Calculate the 12-day value at risk that shows the most PPA can expect to lose during a 12-day period
(PPA wishes to be 90% certain that the actual loss in any month will be less than your predicted figure)
Give your answer to the nearest thousand dollars.
正解：
解説：
$44,000
Portfolio value = $500,000Daily volatility = 2%12-day # = 0.02 × #12 # 0.02 × 3.464 = 0.0693 (6.93%)
For 90% confidence, z # 1.28VaR = 500,000 × 0.0693 × 1.28 # $44,340 # $44,000 (nearest $000)
質問 # 336
A listed company follows a policy of paying a constant dividend. The following information is available:
* Issued share capital (nominal value $0.50) $60 million
* Current market capitalisation $480 million
The shareholders are requesting an increased dividend this year as earnings have been growing. However, the directors wish to retain as much cash as possible to fund new investments. They therefore plan to announce a 1-for-10 scrip dividend to replace the usual cash dividend.
Assuming no other influence on share price, what is the expected share price following the scrip dividend?
Give your answer to 2 decimal places.
$ ?
正解：A
質問 # 337
H Company has a fixed rate load at 10.0%, but wishes to swap to variable. It can borrow at LIBOR 8%.
The bank is currently quoting swap rates of 3.1% (bid) and 3.5% (ask).
What net rate will HHH Company pay if it enters into the swap?
正解：B
質問 # 338
A company needs to raise $20 million to finance a project.
It has decided on a rights issue at a discount of 20% to its current market share price.
There are currently 20 million shares in issue with a nominal value of $1 and a market price of $5 per share.
Calculate the terms of the rights issue.
正解：C
解説：
Current price = $5.00
Rights discount = 20% # Issue price = 5 × 0.8 = $4.00
Funds required = $20m
Number of new shares:
20m4=5m shares\frac{20\text{m}}{4} = 5\text{m shares}420m=5m shares
Currently 20m shares in issue, so ratio:
5m20m=14\frac{5\text{m}}{20\text{m}} = \frac{1}{4}20m5m=41
So terms = 1 new share for every 4 existing # A.
質問 # 339
A wholly equity financed company has the following objectives:
1. Increase in profit before interest and tax by at least 10% per year.
2. Maintain a dividend payout ratio of 40% of earnings per year.
Relevant data:
* There are 2 million shares in issue.
* Profit before interest and tax in the last financial year was $4 million.
* The corporate income tax rate is 20%.
At the beginning of the current financial year, the company raised long term debt of $2 million at 5% interest each year.
Calculate the dividend per share that will be announced this year assuming the company achieves its objective of increasing profit before interest and tax by 10%.
正解：A
解説：
Last year's profit before interest and tax (PBIT) = $4.0m
Objective: PBIT to increase by 10% #
PBITthis year=4.0×1.10=4.4m\text{PBIT}_{\text{this year}} = 4.0 \times 1.10 = 4.4\text{m} PBITthis year=4.0×1.10=4.4m New long-term debt = $2m at 5% interest # Interest = 2.0×0.05=0.1m2.0 \times 0.05 = 0.1\text{m}2.0×0.05=0.1m Profit before tax (PBT):
4.4#0.1=4.3m4.4 - 0.1 = 4.3\text{m}4.4#0.1=4.3m
Tax at 20%:
Tax=4.3×0.20=0.86m\text{Tax} = 4.3 \times 0.20 = 0.86\text{m}Tax=4.3×0.20=0.86m Earnings after tax:
Earnings=4.3#0.86=3.44m\text{Earnings} = 4.3 - 0.86 = 3.44\text{m}Earnings=4.3#0.86=3.44m Dividend payout ratio = 40% of earnings:
Total dividends=3.44×0.40=1.376m\text{Total dividends} = 3.44 \times 0.40 = 1.376\text{m} Total dividends=3.44×0.40=1.376m Shares in issue = 2m # Dividend per share:
DPS=1.3762=0.688#$0.69\text{DPS} = \frac{1.376}{2} = 0.688 \approx \$0.69DPS=21.376=0.688#$0.69 So, correct DPS by calculation is about $0.69 per share. Since none of the given options (A-D) equals this, there is likely a typo or omission in the provided options, but the financially correct figure is $0.69.
質問 # 340
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さらに、Topexam F3ダンプの一部が現在無料で提供されています：https://drive.google.com/open?id=1zeKy2ayXb3dxOf3w3UARwhQTFmAlsY3k