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| Section | Objectives |
|---|---|
| Topic 1: Capital Budgeting | - Internal rate of return (IRR) - Payback period analysis - Net present value (NPV) |
| Topic 2: Cost of Capital and Valuation | - Weighted average cost of capital (WACC) - Bond and stock valuation basics |
| Topic 3: Time Value of Money | - Annuities and perpetuities - Present and future value calculations |
| Topic 4: Financial Statement Analysis | - Financial ratios - Balance sheet and income statement interpretation - Cash flow analysis |
| Topic 5: Risk and Return | - Portfolio risk and diversification - Expected return |
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質問 # 40
What is the purpose of covenants in a bond indenture?
正解：A
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 # 41
In the capital asset pricing model (CAPM), what does a beta (#) greater than 1 signify for a portfolio?
正解：C
解説：
Within the CAPM framework, beta quantifies the degree of systematic risk relative to the market portfolio, which by definition has a beta of 1. A portfolio with a beta greater than 1 carries more systematic risk than the market, meaning its returns are expected to be more sensitive to market movements. This higher sensitivity increases both upside potential and downside exposure. According to CAPM, investors require a higher expected return for bearing this additional risk. Importantly, a higher beta does not guarantee superior performance; it simply reflects greater volatility relative to the market. Option B accurately captures this risk-based interpretation.
質問 # 42
How does asset tangibility affect a company's capital structure?
正解：B
質問 # 43
How does the capital asset pricing model (CAPM) assist in investment decisions?
正解：B
解説：
The CAPM assists in investment decisions by helping investors and financial managers evaluate the relationship between risk and expected return. The model states that the expected return on a security equals the risk-free rate plus a risk premium based on the security's beta and the market risk premium. In this way, CAPM provides a structured method for deciding whether the expected return of a stock is adequate given its level of systematic risk. Choice C is correct because this risk-return trade-off is the core purpose of the model.
CAPM does not predict exact future prices, so choice B is incorrect. It also does not apply only to dividend- paying stocks, making choice A incorrect. Choice D is incorrect because no financial model can guarantee returns in an uncertain market. In financial management, CAPM is widely used to estimate the cost of common equity, evaluate investment performance, and compare required return across securities with different risk levels. Therefore, C is the best answer because CAPM is designed to support investment decisions by linking expected return to systematic market risk.
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質問 # 44
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：C
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 # 45
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