CIMA CIMAPRA19-F03-1 Questions: Defeat Exam Preparation Stress [2026]

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CIMA CIMAPRA19-F03-1 Exam Syllabus Topics:

Section	Weight	Objectives
Topic 1: Business Valuation	40%	- Investment appraisal 1. NPV, IRR, payback, discounted payback 2. Adjusted present value (APV) - Valuation methods 1. Asset-based valuation 2. Discounted cash flow (DCF) 3. Relative valuation: P/E, EV/EBITDA - Mergers, acquisitions and divestments 1. Financing and post-deal integration 2. Valuation of target companies - Impairment testing and value management
Topic 2: Financial Policy Decisions	15%	- Strategic financial objectives and stakeholder impact 1. ESG and ethical influences 2. Financial objective setting 3. Taxation and regulatory framework - Interaction between investment, financing and dividend decisions
Topic 3: Financial Risks	20%	- Types of financial risk 1. Interest rate risk 2. Credit and liquidity risk 3. Foreign exchange risk - Risk measurement and assessment 1. Value-at-Risk, sensitivity analysis - Risk reporting and governance - Risk management techniques 1. Hedging strategies 2. Derivatives: futures, forwards, swaps, options
Topic 4: Sources of Long-term Funds	25%	- Debt finance 1. Bonds, loans, convertible instruments 2. Leasing and sale-and-leaseback - Capital structure theories and WACC 1. Cost of capital calculation 2. Modigliani-Miller propositions - Equity finance 1. Flotation and listing methods 2. Ordinary shares, preference shares, rights issues - Dividend policy and distribution strategies

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CIMA F3 Financial Strategy Sample Questions (Q358-Q363):

NEW QUESTION # 358
WW is a quoted manufacturing company. The Finance Director has addressed the shareholders during WW's annual general meeting-She has told the shareholders that WW raised equity during the year and used the funds to repay a large loan that was maturing, thereby reducing WW's gearing ratio
At the conclusion of the Finance Director's speech one of the shareholders complained that it had been foolish for WW to have used equity to repay debt The shareholder argued that the Modigliani and Miller model (with tax) offers proof that debt is cheaper than equity when companies pay tax on their profits.
Which THREE arguments could the Finance Director have used in response to the shareholder?

A. WW was approaching a debt covenant limit and it was therefore important to reduce gearing.
B. A lower gearing ratio will result in an increase in the value of the company
C. The shareholder was confusing the cost of capital with shareholder wealth
D. The Modigliani and Miller model would only be valid in practice if WW's shareholders were aware of the model and believed in its validity
E. A lower gearing ratio creates greater flexibility for WW in the future
F. Reducing the gearing ratio has reduced the financial risk of WW which will benefit shareholders

Answer: A,B,F

NEW QUESTION # 359
Company ACC. an ungeared car manufacturer has launched a takeover bid of Company BDD. a key competitor operating in the same industry Company BDD has high gearing Company ACC has a large surplus cash balance and believes that the acquisition is an opportunity to enhance shareholder wealth through the realisation of synergistic benefits. Which THREE of the following would most likely be synergistic benefits to Company ACC of purchasing Company BDD9 I

A. Reduction in financial risk due to diversification
B. Decreased cost of debt
C. Cost savings in production due to economies of scale
D. Enhanced profit due to reduced competition
E. Reduction in staff costs due to the removal of duplicated roles.

Answer: B,C,E

NEW QUESTION # 360
Company W has received an unwelcome takeover bid from Company B.
The offer is a share exchange of 3 shares in Company B for 5 shares in Company W or a cash alternative of $5.70 for each Company W share.
Company B is approximately twice the size of Company W based on market capitalisation.
Although the two companies have some common business interested the main aim of the bid is diversification for Company B.
Company W has substantial cash balances which the directors were planning to use to fund an acquisition.
These plans have not been announced to the market.
The following share price information is relevant.

Which of the following would be the most appropriate action by Company W's directors following receipt of this hostile bid?

A. Write to shareholders explaining fully why the company's share price is under valued.
B. Refer the bid to the country's competition authorities.
C. Change the Articles of Association to increase the percentage of shareholder votes required to approve a takeover.
D. Pay a one-off special dividend.

Answer: A

Explanation:
This is the appropriate, code-compliant defence: communicate with shareholders, explain the company's prospects (including use of cash for an acquisition) and why the bid undervalues the firm. The other options either breach takeover-code norms or are not well-justified.

NEW QUESTION # 361
A listed company plans to raise new capital which will be required for future investment projects. The company has a gearing ratio of 50%, which is just below the company's target ratio.
The directors are comparing the benefits and drawbacks of each of the following two alternative sources of finance;
* Unsecured bank borrowings.
* Convertible bonds.
Which of the following statements is correct?

A. If the convertible bond holders eventually convert to shares the company's gearing ratio will rise whereas it will be unaffected if finance is with unsecured borrowings.
B. If the share price does not increase sufficiently for conversion to take place the company will have more expensive debt with a convertible bond than with unsecured borrowings.
C. Additional finance will be raised upon conversion of the convertible bond but not with unsecured borrowings.
D. The coupon rate of a convertible bond is likely to be lower than for unsecured borrowings.

Answer: D

Explanation:
Key convertible bond points:
Investors accept a lower coupon on convertibles because they get the equity conversion option.
If converted, no new cash comes in: debt simply becomes equity.
On conversion, debt falls and equity rises, so gearing falls, not rises.
So:
A - False (convertible debt is usually cheaper, not more expensive).
B - False (no extra cash on conversion).
C - True (coupon is usually lower on convertibles).
D - False (conversion lowers gearing).
Answer Q73: C

NEW QUESTION # 362
A listed company plans to raise new capital which will be required for future investment projects. The company has a gearing ratio of 50%, which is just below the company's target ratio.
The directors are comparing the benefits and drawbacks of each of the following two alternative sources of finance;
* Unsecured bank borrowings.
* Convertible bonds.
Which of the following statements is correct?

A. The coupon rate of a convertible bond is likely to be lower than for unsecured borrowings.
B. Additional finance will be raised upon conversion of the convertible bond but not with unsecured borrowings.
C. If the convertible bond holders eventually convert to shares the company's gearing ratio will rise whereas it will be unaffected if finance is with unsecured borrowings.
D. If the share price does not increase sufficiently for conversion to take place the company will have more expensive debt with a convertible bond than with unsecured borrowings.

Answer: B

NEW QUESTION # 363
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