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| Section | Objectives |
|---|---|
| Topic 1: Risk and Return | - Portfolio risk and diversification - Expected return |
| Topic 2: Cost of Capital and Valuation | - Bond and stock valuation basics - Weighted average cost of capital (WACC) |
| Topic 3: Financial Statement Analysis | - Cash flow analysis - Financial ratios - Balance sheet and income statement interpretation |
| Topic 4: Capital Budgeting | - Internal rate of return (IRR) - Net present value (NPV) - Payback period analysis |
| Topic 5: Time Value of Money | - Annuities and perpetuities - Present and future value calculations |
>> Financial-Management受験資格 <<
仕事に取り掛かって顧客とやり取りする前に厳密に訓練された責任ある忍耐強いスタッフ。 Financial-Management試験の準備の質を実践し、経験すると、それらの保守性と有用性を思い出すでしょう。 Financial-Management練習教材が試験受験者の98％以上が夢の証明書を取得するのに役立った理由を説明しています。あなたもそれを手に入れることができると信じてください。
質問 # 64
What is the purpose of covenants in a bond indenture?
正解：C
解説：
Covenants in a bond indenture are contractual provisions designed to protect bondholders by restricting or requiring certain actions by the issuer. These provisions help reduce agency problems between shareholders and debtholders after the debt has been issued. For example, covenants may limit additional borrowing, restrict dividend payments, require the maintenance of certain financial ratios, or prohibit the sale of important assets without approval. Some covenants are affirmative, meaning the issuer must do something, while others are negative, meaning the issuer must avoid certain actions. Their purpose is not to set the bond's coupon rate or determine its market price directly. Instead, they reduce risk for lenders by helping preserve the issuer's ability to repay interest and principal. In financial management, stronger covenants can sometimes allow a company to borrow at a lower interest rate because investors perceive less risk. The other answer choices are incorrect because interest rate, par value, and coupon amounts are bond terms, not the purpose of covenants. Therefore, A is correct because covenants are specifically used to protect bondholders' interests through enforceable conditions placed on the issuer.
質問 # 65
Which requirement does the Sarbanes-Oxley Act (SOX) impose on company executives?
正解：D
解説：
Under the Sarbanes-Oxley Act, senior executives-specifically the CEO and CFO-are required to certify that the company's financial statements fairly present the firm's financial condition and results of operations. This requirement increases executive accountability and ensures that financial reporting integrity is taken seriously at the highest level of management. False certification can result in severe civil and criminal penalties. Financial management texts emphasize that this provision aligns executive incentives with shareholder interests by making leaders directly responsible for financial transparency and accuracy. Option C correctly states this executive requirement.
質問 # 66
What is a consequence of a firm having a longer cash cycle?
正解：A
解説：
A longer cash cycle means that more time passes between when a firm pays cash for inventory or production inputs and when it receives cash from customers. As this cycle lengthens, more funds are tied up in operations for a longer period. This increases the firm's need to hold cash or obtain short-term financing to support day- to-day activities. For example, if inventory sits longer before being sold or if customers take longer to pay, the firm must continue covering payroll, suppliers, and other operating expenses while waiting to recover cash.
Financial management views the cash conversion cycle as a critical working capital measure because it directly affects liquidity needs, financing cost, and operational risk. Choice C is correct because a longer cycle usually requires greater operating cash support. Choice A is incorrect because longer cycles typically reduce liquidity pressure only if financing is abundant, which is not the normal interpretation. Choice B is incorrect because a longer cash cycle does not automatically raise profits. Choice D is the opposite of the correct relationship. Therefore, C is the best answer because longer operating cycles increase the amount of cash a firm must keep available for operations.
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質問 # 67
What is the usual impact of high asset tangibility on capital structure?
正解：A
解説：
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.
質問 # 68
A building owner is undertaking a weatherization project. The owner will make a one-time investment of
$410,000 for caulking, sunshades, and smart thermostats. Annual utility savings are projected to be:
* Year 1: $125,000
* Year 2: $125,000
* Year 3: $140,000
* Year 4: $140,000
* Year 5: $160,000
What is thepayback period, in years?(Round up)
正解：C
解説：
The payback period measures how long it takes for a project's cumulative cash inflows to recover the initial investment. It is a simple capital budgeting technique commonly used as a preliminary screening tool.
Although it does not account for the time value of money or cash flows beyond the cutoff period, it is useful for assessing liquidity and risk exposure.
Cumulative cash flows are calculated as follows:
* End of Year 1: $125,000
* End of Year 2: $250,000
* End of Year 3: $390,000
* End of Year 4: $530,000
The initial investment of $410,000 is recovered sometime during Year 4. Because the question instructs to round up, the payback period is reported as 4 years. Financial management textbooks emphasize that while payback should not be used alone to accept or reject projects, it provides insight into how quickly invested capital is recovered, which is especially relevant for projects with uncertainty or liquidity constraints.
質問 # 69
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