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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Time Value of Money | 18% | - Present value, future value, annuities, perpetuities - Effective vs nominal interest rates - Discounted cash flow valuation |
| Topic 2: Capital Budgeting | 10% | - Cash flow estimation and project evaluation - NPV, IRR, payback period, profitability index |
| Topic 3: Valuation of Securities | 15% | - Stock valuation: dividend growth model, CAPM - Bond valuation, yield to maturity, risk characteristics - Cost of capital components |
| Topic 4: Capital Structure and Financing | 10% | - Leverage and cost of capital - Dividend policy and payout decisions |
| Topic 5: Financial Statement Analysis | 20% | - Common-size and trend analysis - Ratio analysis: liquidity, profitability, solvency, efficiency - Income statement, balance sheet, cash flow statement |
| Topic 6: Financial Markets and Corporate Objectives | 15% | - Types of financial markets and instruments - Goal of the firm: shareholder wealth maximization - Role of financial institutions |
| Topic 7: Risk and Return | 12% | - Beta and Capital Asset Pricing Model - Systematic vs unsystematic risk - Portfolio risk and diversification |
>> Financial-Management최고덤프문제 <<
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질문 # 67
What is a function of the Financial Industry Regulatory Authority (FINRA)?
정답：D
설명：
FINRA's core function is regulating brokerage firms and registered representatives to ensure fair and honest markets. It establishes and enforces rules governing trading practices, licensing, disclosure, and ethical conduct. FINRA also conducts examinations, investigates misconduct, and administers arbitration and mediation between investors and brokers. Unlike the Federal Reserve or FDIC, FINRA does not manage monetary policy or insure deposits. Financial management and regulatory texts consistently describe FINRA as a critical component of U.S. securities market oversight. Option D correctly identifies its primary role.
질문 # 68
In the capital asset pricing model (CAPM), what does a beta (#) greater than 1 signify for a portfolio?
정답：B
설명：
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.
질문 # 69
What distinguishes a subordinated debenture from a senior debenture?
정답：A
설명：
A subordinated debenture differs from a senior debenture primarily in the priority of claims. Both are typically unsecured debt instruments, but subordinated debentures rank below senior debentures in the event of liquidation or bankruptcy. This means holders of senior debt are paid before holders of subordinated debt if the firm's assets are distributed. Because subordinated debenture holders face greater default risk, they usually require a higher yield as compensation. This ranking feature is a key concept in capital market theory because the risk level of a security affects investor required return and the issuer's cost of capital. Choice A is the opposite of the correct answer. Choice C is incorrect because a debenture is generally unsecured, and subordination does not mean collateral is provided. Choice D is unrelated to the distinction between the two instruments. Financial managers must understand debt priority because it influences financing choices, covenant design, investor demand, and interest cost. Therefore, B is correct because subordination means a lower claim on assets and cash flows relative to senior debtholders.
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질문 # 70
In the capital asset pricing model (CAPM), what does a beta (#) greater than 1 signify for a portfolio?
정답：B
설명：
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.
질문 # 71
A company is looking to invest in new machinery that will enhance overall efficiency. The projected assets needed for the project are $590,000, the projected liabilities are $431,000, and the projected equity is $49,000.
What is the discretionary financing need (DFN)?
정답：B
설명：
Discretionary financing need (DFN), also called external financing needed, represents the additional funds a company must raise after accounting for the financing provided by liabilities and equity. The basic relationship is: DFN = Projected Assets # Projected Liabilities # Projected Equity. Using the numbers in this problem, DFN = $590,000 # $431,000 # $49,000 = $110,000. Therefore, answer B is correct. This means the company will need to obtain an additional $110,000 in financing, such as new debt or new equity, to support the machinery investment and the related growth. Financial managers use DFN calculations in pro forma planning to estimate whether internal sources and spontaneous liabilities are enough to support expansion. If DFN is positive, the firm must seek outside financing or change its operating assumptions, such as improving profit margins, retaining more earnings, or reducing asset intensity. If DFN is negative, the firm has excess financing capacity. Understanding DFN is essential in capital management because growth often requires more assets than can be supported by existing internal funds. Therefore, B correctly reflects the amount of external financing required.
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질문 # 72
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