CIMA F3 Web-Based Practice Exam Software

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CIMA F3 Exam Syllabus Topics:

Section	Weight	Objectives
Topic 1: Financial Risk Management	15%	- Risk mitigation and hedging strategies 1. Use of derivatives: forwards, futures, swaps, options 2. Internal controls and risk policy frameworks - Types and sources of financial risk 1. Interest rate, foreign exchange, commodity risk 2. Credit and liquidity risk - Risk measurement and assessment 1. Value-at-Risk, duration, gap analysis
Topic 2: Business Valuation	20%	- Valuation methods 1. Relative valuation and market multiples 2. Asset-based, earnings-based, cash flow-based - Valuation concepts and purposes 1. Valuation for mergers, acquisitions, and disposals 2. Valuation for listing or equity issuance - Pricing and negotiation 1. Post-transaction value creation 2. Determining offer price and terms
Topic 3: Investment Appraisal and Decisions	25%	- Advanced investment appraisal techniques 1. Discounted cash flow, NPV, IRR, MIRR 2. Adjusted present value and real options - Risk analysis in investment decisions 1. Cost of capital estimation and adjustment 2. Sensitivity, scenario, and simulation analysis
Topic 4: Sources of Long-Term Finance	25%	- Debt and hybrid finance 1. Types of debt, terms, and covenants 2. Leasing, convertibles, and warrants - Optimal capital structure 1. Impact of gearing on risk and return 2. Practical determinants of capital structure - Equity finance 1. Types of equity and issue methods 2. Cost of equity and capital structure theories
Topic 5: Financial Policy Decisions	15%	- Strategic financial objectives and governance 1. Role of financial strategy in overall corporate strategy 2. Agency theory and stakeholder interests - Dividend and distribution policy 1. Practical considerations and constraints 2. Theories of dividend relevance

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CIMA F3 Financial Strategy Sample Questions (Q162-Q167):

NEW QUESTION # 162
A listed publishing company owns a subsidiary company whose business activity is training.
It wishes to dispose of the subsidiary company.
The following information is available:
The board of the publishing company believe that the value of the subsidiary company, and hence the value of the equity invested in it, can be determined by calculating the present value of the subsidiary's free cashflows.
Which of the following is the most appropriate discount rate to use when determining the enterprise value of the company?

A. A cost of equity that reflects the asset beta of a listed company that provides training activities.
B. A WACC that reflects the gearing of the subsidiary company and the asset beta of a listed company that provides training activities.
C. A WACC that the reflects the gearing of the publishing company and the equity beta factor of the publishing company.
D. A WACC that reflects the gearing of the publishing company and the asset beta of a listed company that provides training activities.

Answer: D

NEW QUESTION # 163
A listed entertainment and media company produces and distributes films globally. The company invests heavily in intellectual property in order to create the scope for future film projects. The company has five separate distribution companies, each managed as a separate business unit The company is seeking to sell one of its business units in a management buy-out (MBO) to enable it to raise finance for proposed new investments The business unit managers have been in discussions with a bank and venture capitalists regarding the financing for the MBO The venture capitalists are only prepared to invest a mixture of debt and equity and have suggested the following:

The venture capitalists have stated that they expect a minimum return on their equity investment of 30% a year on a compound basis over the first 5 years of the MBO No dividends will be paid during this period.
Advise the MBO team of the total amount due to the venture capitalist over the 5-year period to satisfy their total minimum return?

A. $146 39 million
B. $111 39 million
C. $155.14 million
D. $120 14 million

Answer: B

NEW QUESTION # 164
A company's Board of Directors wishes to determine a range of values for its equity.
The following information is available:
Estimated net asset values (total asset less total liabilities including borrowings):
* Net book value = $20 million
* Net realisable value = $25 million
* Free cash flows to equity = $3.5 million each year indefinitely, post-tax.
* Cost of equity = 10%
* Weighted Average Cost of Capital = 7%
Advise the Board on reasonable minimum and maximum values for the equity.

A. Minimum value = $25.0 million, and maximum value = $50.0 million
B. Minimum value = $20.0 million, and maximum value = $50.0 million
C. Minimum value = $20.0 million, and maximum value = $35.0 million
D. Minimum value = $25.0 million, and maximum value = $35.0 million

Answer: D

NEW QUESTION # 165
A listed publishing company owns a subsidiary company whose business activity is training.
It wishes to dispose of the subsidiary company.
The following information is available:

The board of the publishing company believe that the value of the subsidiary company, and hence the value of the equity invested in it, can be determined by calculating the present value of the subsidiary's free cashflows.
Which of the following is the most appropriate discount rate to use when determining the enterprise value of the company?

A. A cost of equity that reflects the asset beta of a listed company that provides training activities.
B. A WACC that reflects the gearing of the subsidiary company and the asset beta of a listed company that provides training activities.
C. A WACC that the reflects the gearing of the publishing company and the equity beta factor of the publishing company.
D. A WACC that reflects the gearing of the publishing company and the asset beta of a listed company that provides training activities.

Answer: D

NEW QUESTION # 166
An all equity financed company reported earnings for the year ending 31 December 20X1 of $5 million.
One of its financial objectives is to increase earnings by 5% each year.
In the year ending 31 December 20X2 it financed a project by issuing a bond with a $1 million nominal value and a coupon rate of 7%.
The company pays corporate income tax at 30%.
If the company is to achieve its earnings target for the year ending 31 December 20X2, what is the minimum operating profit (profit before interest and tax) that it must achieve?

A. $7.50 million
B. $7.57 million
C. $5.25 million
D. $8.40 million

Answer: B

NEW QUESTION # 167
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