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| Section | Weight | Objectives |
|---|---|---|
| Valuation of Securities | 15% | - Stock valuation: dividend growth model, CAPM - Cost of capital components - Bond valuation, yield to maturity, risk characteristics |
| Time Value of Money | 18% | - Present value, future value, annuities, perpetuities - Effective vs nominal interest rates - Discounted cash flow valuation |
| Capital Structure and Financing | 10% | - Leverage and cost of capital - Dividend policy and payout decisions |
| Risk and Return | 12% | - Systematic vs unsystematic risk - Beta and Capital Asset Pricing Model - Portfolio risk and diversification |
| Financial Statement Analysis | 20% | - Ratio analysis: liquidity, profitability, solvency, efficiency - Common-size and trend analysis - Income statement, balance sheet, cash flow statement |
| Capital Budgeting | 10% | - NPV, IRR, payback period, profitability index - Cash flow estimation and project evaluation |
| Financial Markets and Corporate Objectives | 15% | - Types of financial markets and instruments - Goal of the firm: shareholder wealth maximization - Role of financial institutions |
>> Financial-Management真実試験 <<
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質問 # 34
What is the usual impact of high asset tangibility on capital structure?
正解：B
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 # 35
Why might a firm use a combination of methods to calculate the cost of common equity?
正解：D
解説：
No single model perfectly estimates the cost of common equity under all conditions. CAPM focuses on systematic risk, the Gordon growth model emphasizes dividends and growth, and other approaches may rely on market comparables. Each method has strengths and weaknesses depending on firm characteristics and market conditions. Financial management best practice therefore recommends using multiple approaches and comparing results to arrive at a more reliable estimate. This triangulation reduces model-specific bias and highlights potential inconsistencies in assumptions.
Managers then apply judgment to select a reasonable cost of equity that reflects risk, growth prospects, and investor expectations. Option A correctly reflects this practical, widely accepted approach.
質問 # 36
What is the Securities and Exchange Commission's (SEC's) Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system used for?
正解：C
解説：
The SEC's EDGAR system is used for the electronic filing, storage, and retrieval of company disclosures and reports. Public companies submit documents such as annual reports, quarterly reports, registration statements, proxy materials, and other required filings through this system. Investors, analysts, regulators, and the general public can then access these filings online to review financial statements, management discussion, risk disclosures, and other important corporate information. Choice C is correct because EDGAR's core function is to make company filings available in an organized electronic database. Choice A is incorrect because EDGAR is not a trading platform. Choice B is unrelated because the SEC does not regulate the Federal Reserve through EDGAR. Choice D is incorrect because deposit insurance is associated with the FDIC, not the SEC. From a financial management and corporate governance perspective, EDGAR promotes transparency, timely disclosure, and informed decision-making in capital markets. Easy access to reliable financial information helps reduce information asymmetry between firms and investors. Therefore, C is the correct answer because EDGAR is specifically designed for online filing and retrieval of public company disclosures.
質問 # 37
Considering the fundamental relationships of the balance sheet, how can a company's assets increase without a corresponding rise in liabilities?
正解：D
解説：
The balance sheet follows the basic accounting equation: Assets = Liabilities + Owners' Equity. This means that if assets increase, the increase must be matched by either an increase in liabilities, an increase in owners' equity, or some combination of both. Therefore, assets can rise without liabilities rising if the increase is financed through owners' equity. This might occur if the company issues new stock, receives additional capital contributions from owners, or retains earnings instead of distributing them as dividends. Choice A is incorrect because paying dividends reduces cash, which lowers assets and retained earnings. Choice B is also incorrect because depreciation reduces the book value of assets over time rather than increasing them. Choice C is not the best answer because restructuring long-term debt generally changes the form or timing of liabilities but does not explain an increase in assets without liabilities increasing. From a financial statement analysis perspective, understanding this relationship is essential when evaluating how a firm finances growth and how changes in the balance sheet affect leverage and ownership claims. Therefore, D is the correct answer because equity financing allows assets to increase without a matching increase in liabilities.
質問 # 38
A start-up company's lender is concerned that the company may not be able to meet its financial obligations.
It asks the company to provide it with information regarding its current assets and current liabilities.
Which information would the start-up company need to provide to the lender?
正解：D
解説：
Current liabilities are obligations that a firm must settle within one operating cycle or one year, whichever is longer. When a lender evaluates a firm's short-term financial health, the primary concern is liquidity-whether the firm has sufficient short-term resources to meet near-term obligations as they come due. Examples of current liabilities include accounts payable, short-term loans, accrued expenses, and current portions of long-term debt. This information allows lenders to compute liquidity ratios such as the current ratio and quick ratio, which measure the firm's ability to cover short-term obligations with current assets. Long-term investments, long-term debt, and depreciation relate more to long-term solvency and accounting allocation rather than immediate cash requirements. Because the lender is specifically concerned about the company's ability to meetfinancial obligations in the near term, obligations requiring cash within the next year are the most relevant. Thus, option B accurately reflects the definition and purpose of current liabilities in financial statement analysis.
質問 # 39
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