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CIMAPRA19-F03-1試験は、90の複数選択の質問で構成されるコンピューターベースの試験です。候補者は、世界中の指定されたテストセンターで開催される試験を完了するために3時間与えられます。この試験は年に数回提供され、候補者はCIMAのウェブサイトを通じてオンラインで試験に登録できます。試験料は、CIMAの候補者の場所とメンバーシップステータスによって異なります。
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質問 # 405
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?
正解：C
質問 # 406
A company has a 4% corporate bond in issue on which there are two loan covenants.
* Interest cover must not fall below 4 times
* Retained earnings for the year must not fall below S5 00 million
The Company has 100 million shares in issue. The most recent dividend per share was $0 10 The Company intends increasing dividends by 8% next year.
Financial projections tor next year are as follows:
Advise the Board of Directors which of the following will be the status of compliance with the loan covenants next year?
正解：B
解説：
This question examines loan covenant compliance, a topic covered in CIMA F3 under Debt Finance, Financial Risk, and Dividend Policy. Loan covenants are contractual restrictions imposed by lenders to protect their interests. Breaching a covenant can trigger penalties or loan repayment demands, so directors must assess compliance carefully using projected financial information.
The company has two covenants:
* Interest cover must not fall below 4 times
* Retained earnings for the year must not fall below $5.00 million
Step 1: Interest Cover Covenant
CIMA F3 defines interest cover as:
From the projections:
* EBIT = $25.00 million
* Interest = $3.20 million
Since 7.8 > 4, the company meets the interest cover covenant.
Step 2: Retained Earnings Covenant
Earnings after tax are projected at $15.26 million.
The most recent dividend per share is $0.10, and dividends are planned to increase by 8%:
With 100 million shares in issue:
Retained earnings for the year:
Since $4.46 million < $5.00 million, the company breaches the retained earnings covenant.
Conclusion (CIMA F3 Interpretation)
* Interest cover covenant: Complied with
* Retained earnings covenant: Breached
Under CIMA F3 guidance, directors must recognise that even when profitability appears strong, dividend policy can cause covenant breaches if distributions are excessive.
質問 # 407
A company is currently all-equity financed.
The directors are planning to raise long term debt to finance a new project.
The debt:equity ratio after the bond issue would be 30:60 based on estimated market values.
According to Modigliani and Miller's Theory of Capital Structure without tax, the company's cost of equity would:
正解：B
解説：
Modigliani and Miller's original capital structure theory without tax (covered in F3) assumes perfect markets, no tax, and no bankruptcy costs. Under these assumptions, the overall cost of capital (WACC) is constant regardless of gearing, but the mix between cost of debt and cost of equity changes.
When a firm introduces debt into an all-equity structure, the fixed obligations to debt holders make the equity stream more volatile and therefore riskier. MM show that the cost of equity rises linearly with the debt-equity ratio:
ke=k0+(k0#kd)DEk_e = k_0 + (k_0 - k_d)\frac{D}{E}ke=k0+(k0#kd)ED
where k0k_0k0 is the ungeared cost of capital. As D/ED/ED/E increases from zero, kek_eke must therefore increase to compensate shareholders for higher financial risk.
Because the question explicitly states "without tax", we ignore interest tax shields and any possible WACC reduction: the key prediction is that cost of equity rises with gearing. Hence option C is correct; A and B contradict MM, and D incorrectly links the equity cost to the bond coupon rather than to leverage.
質問 # 408
Company A is based in country A with the AS as its functional currency. It expects to receive BS20 million from Company B in settlement of an export invoice.
The current exchange rate is A$1 =B$2 and the daily standard deviation of this exchange rate = 0 5% What is the one-day 95% VaR in AS?
正解：A
解説：
Exposure: Company A will receive B$20 million.
Spot rate: A$1 = B$2 # 1 B$ = A$0.5
Current A$ value of the receipt:
20,000,000×0.5=A$10,000,00020{,}000{,}000 \times 0.5 = A\$10{,}000{,}00020,000,000×0.
5=A$10,000,000
Daily standard deviation of the exchange rate = 0.5% = 0.005
1-day 95% VaR uses Z # 1.645
VaR:
VaR=Z×#×exposure=1.645×0.005×10,000,000\text{VaR} = Z \times \sigma \times \text{exposure} = 1.645
\times 0.005 \times 10{,}000{,}000VaR=Z×#×exposure=1.645×0.005×10,000,000 0.005×10,000,000=50,
0000.005 \times 10{,}000{,}000 = 50{,}0000.005×10,000,000=50,000 1.645×50,000=82,2501.645 \times 50
{,}000 = 82{,}2501.645×50,000=82,250
So the 1-day 95% VaR is A$82,250 # Option C.
質問 # 409
KKL is a listed sports clothing company with three separate business units. KKL is seeking to sell TT', one of these business units TTP cwns a new. brand of trail running shoes that have Droved hugely popular with lone distance runners.
The management team of TTP are frustrated by the constraints imposes b/ KKL in managing tie brand and developing. the bus ness and they believe that TTF has huge growth potential.
The management team of TTP have approached KKL with a proposal to purchase 1~P through a management layout (MDO). KKL has accepted this proposal as TTP has not proved to be a good fit' with the rest of the business and has agreed on the selling price.
Which THREE of the following factors a-e mast Likely to affect the success of the MBO?
正解：B、D、E
解説：
B - Securing sufficient funding for the MBO
C - The ability of the TTP management team to take over the head office functions successfully D - The ability of the TTP management team to develop the brand and achieve the expected growth (Constraints imposed by KKL will disappear after the buy-out, and motivation is already clearly present, so the key determinants of success are funding and the team's capability to run and grow the business independently.)
質問 # 410
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さらに、ShikenPASS F3ダンプの一部が現在無料で提供されています：https://drive.google.com/open?id=1XoqLMOh5HNJ-6_0iQtHZne02k2groPPi