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| Section | Weight | Objectives |
|---|---|---|
| Capital Structure and Financing | 10% | - Leverage and cost of capital - Dividend policy and payout decisions |
| Financial Statement Analysis | 20% | - Common-size and trend analysis - Income statement, balance sheet, cash flow statement - Ratio analysis: liquidity, profitability, solvency, efficiency |
| Risk and Return | 12% | - Beta and Capital Asset Pricing Model - Systematic vs unsystematic risk - Portfolio risk and diversification |
| Valuation of Securities | 15% | - Cost of capital components - Bond valuation, yield to maturity, risk characteristics - Stock valuation: dividend growth model, CAPM |
| Time Value of Money | 18% | - Discounted cash flow valuation - Effective vs nominal interest rates - Present value, future value, annuities, perpetuities |
| Financial Markets and Corporate Objectives | 15% | - Types of financial markets and instruments - Role of financial institutions - Goal of the firm: shareholder wealth maximization |
| Capital Budgeting | 10% | - NPV, IRR, payback period, profitability index - Cash flow estimation and project evaluation |
>> Financial-Management復習対策 <<
誰もが成功を望んでいますが、誰もが勉強に忍耐する強い心を持っているわけではありません。現在WGUのステータスに満足できない場合は、Financial-Managementの実際の試験が役立ちます。 Financial-Management試験問題は、常に最高99％の合格率を誇っています。教材を使用すると、試験準備の時間を節約できます。 Financial-Managementテストエンジンを選択すると、簡単に認定を取得できます。選択して、Financial-Management学習教材を購入し、今すぐ学習を開始してください！知識、WGU Financial Management VBC1実績と幸福があなたを待っています！
質問 # 62
Which ratio indicates the ratio of a company's current assets relative to its current liabilities?
正解：D
解説：
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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質問 # 63
During the last year, Kretsmatt had the following cash flows:
* The firm had sales of $20,000 and net income of $5,000. Dividends of $1,000 were paid, and there were no changes to working capital accounts.
* The company purchased new equipment for $3,000. There were no sales of equipment and no depreciation expense recorded during the year.
* The company raised no funds through external financing and repaid no debt.
How much were Kretsmatt's net cash flows from financing for the year?
正解：C
解説：
Cash flows from financing activities include transactions involving debt, equity, and cash distributions to owners. In this problem, the company did not raise any new external financing and did not repay any debt, so there are no financing inflows or outflows from borrowing or equity issuance. The only financing-related cash flow given is the payment of dividends of $1,000. Dividends paid are classified as a financing cash outflow because they represent a return of cash to shareholders rather than an operating or investing activity. The purchase of equipment is an investing activity, not a financing activity. Sales and net income relate primarily to operations, and the fact that working capital accounts did not change helps simplify the operating cash flow analysis, but it does not change the financing section. Therefore, net cash flow from financing equals negative
$1,000. This makes choice A correct. Financial statement analysis requires clear classification of cash flows into operating, investing, and financing categories so that analysts can understand how a firm generates cash, where it invests cash, and how it funds itself over time.
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質問 # 64
A recent news article reported that a popular tech start-up has not yet reached profitability or experienced a period of positive cash flows from operations. Instead, the company has been focused primarily on capturing market share and attracting new customers.
What does the continued negative cash flow from operations (CFO) signal about this firm?
正解：B
解説：
Cash flow from operations reflects the cash generated (or consumed) by a firm's core business activities. When CFO is consistently negative, it indicates that operating expenses and working capital needs exceed cash inflows from sales. For start-ups, this is common during early growth phases, as firms spend heavily on marketing, technology, and customer acquisition to build scale and future revenue potential. However, from a financial management perspective, negative CFO also signals cash burn. Unless offset by financing inflows (equity or debt) or expected future positive cash flows, continued operating losses can threaten liquidity and solvency. Analysts closely monitor burn rate, funding runway, and the firm's ability to transition to sustainable operations. Option C accurately captures this risk-focused interpretation, whereas the other options either mischaracterize negative CFO or contradict its fundamental meaning.
質問 # 65
What is a drawback of using the Gordon growth model for estimating the cost of common equity?
正解：B
解説：
The Gordon growth model estimates the cost of common equity based on dividends, assuming dividends grow at a constant rate indefinitely. While the model is simple and intuitive, its main drawback is that it can only be applied to firms that pay dividends and have stable, predictable growth rates. Many firms-especially young, high-growth, or technology companies-either do not pay dividends or experience volatile growth, making the model inappropriate for them. Additionally, small changes in the growth rate assumption can lead to large changes in estimated equity cost, increasing sensitivity and potential estimation error. Financial management texts emphasize that while the Gordon growth model is useful for mature, dividend-paying firms, it lacks flexibility across industries and life-cycle stages. Option D correctly identifies this key limitation.
質問 # 66
Why might investors choose to invest in junk bonds?
正解：A
解説：
Junk bonds, also known as high-yield bonds, are issued by firms with lower credit ratings and therefore higher default risk. To compensate investors for this additional risk, these bonds offer higher interest rates than investment-grade bonds. From a financial management and portfolio perspective, investors may include junk bonds to enhance portfolio returns, particularly when they believe default risk is overstated or when economic conditions are favorable. Junk bonds do not guarantee returns and are not backed by government guarantees, making options A and D incorrect. They also do not consistently outperform equities, especially during periods of financial stress. Option B accurately reflects the risk- return tradeoff that underpins investment decisions in capital market theory: higher expected returns are associated with higher risk.
質問 # 67
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