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| Section | Objectives |
|---|---|
| Capital Budgeting | - Net present value (NPV) - Payback period analysis - Internal rate of return (IRR) |
| Financial Statement Analysis | - Financial ratios - Balance sheet and income statement interpretation - Cash flow analysis |
| Time Value of Money | - Annuities and perpetuities - Present and future value calculations |
| Risk and Return | - Expected return - Portfolio risk and diversification |
| Cost of Capital and Valuation | - Bond and stock valuation basics - Weighted average cost of capital (WACC) |
>> Financial-Management試験問題解説集 <<
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質問 # 13
How is the cash ratio calculated?
正解：A
解説：
The cash ratio is a strict liquidity ratio that measures a company's ability to pay its current liabilities using only its most liquid assets: cash and cash equivalents. The formula is Cash and Cash Equivalents divided by Current Liabilities. This makes answer A correct. Unlike the current ratio, which includes all current assets, or the quick ratio, which includes cash, marketable securities, and receivables, the cash ratio focuses only on immediately available funds. Because it excludes inventory and accounts receivable, it is the most conservative measure of short-term liquidity. Financial analysts use the cash ratio to evaluate whether a firm could meet near-term obligations even under stressful conditions where receivables are not collected quickly and inventory cannot be sold promptly. A very low cash ratio may indicate liquidity risk, while an extremely high cash ratio may suggest inefficient use of idle funds. Choice B is incorrect because total liabilities include long-term obligations. Choice C defines the current ratio, not the cash ratio. Choice D is not a meaningful ratio formula. Therefore, A correctly states the formula used to calculate the cash ratio in financial statement analysis and working capital management.
質問 # 14
What is the purpose of the Sarbanes-Oxley Act requirement for the board of directors to effectively represent shareholders?
正解：D
解説：
The Sarbanes-Oxley Act reinforces the board of directors' fiduciary duty to act in the best interests of shareholders. This includes providing independent oversight of management, ensuring financial reporting integrity, and protecting shareholder rights. SOX emphasizes board independence, particularly through audit committees composed of independent directors. Financial management theory recognizes the board as a key mechanism for reducing agency conflicts between management and shareholders. Option D correctly reflects this governance-focused objective.
質問 # 15
Which ratio measures a company's ability to convert its receivables into cash?
正解：D
解説：
Receivables turnover measures how efficiently a firm collects cash from its credit customers. It is calculated as Credit Sales ÷ Average Accounts Receivable and indicates how many times receivables are collected during the period. A higher receivables turnover ratio suggests faster collection, improved liquidity, and lower risk of bad debts. Effective receivables management reduces the firm's need for external financing and supports smoother cash flows. Financial managers closely monitor this ratio to evaluate credit policies and collection efficiency. Option B correctly identifies the ratio designed specifically to assess receivables conversion into cash.
質問 # 16
What is the bid-ask spread?
正解：C
解説：
The bid-ask spread is a fundamental concept in capital markets that reflects market liquidity and transaction costs. Thebid priceis the highest price a buyer (or market maker/specialist) is willing to pay for a security, while theask priceis the lowest price at which a seller is willing to sell. The difference between these two prices is the bid-ask spread. From a financial management perspective, the spread compensates market makers for providing liquidity, bearing inventory risk, and facilitating continuous trading. A narrow bid-ask spread generally indicates a highly liquid security with strong trading volume and low transaction costs, while a wide spread suggests lower liquidity, higher risk, or limited information availability. Investors effectively pay the spread when buying or selling securities, making it an implicit cost of trading. This concept is critical when evaluating market efficiency, trading strategies, and execution costs, especially for large institutional trades. Option D correctly defines the bid-ask spread as the difference between buying and selling prices quoted by specialists or dealers.
質問 # 17
A building owner is undertaking a weatherization project. The owner will make a one-time investment of
$410,000 for caulking, sunshades, and smart thermostats. Annual utility savings are projected to be:
* Year 1: $125,000
* Year 2: $125,000
* Year 3: $140,000
* Year 4: $140,000
* Year 5: $160,000
What is thepayback period, in years?(Round up)
正解：D
解説：
The payback period measures how long it takes for a project's cumulative cash inflows to recover the initial investment. It is a simple capital budgeting technique commonly used as a preliminary screening tool.
Although it does not account for the time value of money or cash flows beyond the cutoff period, it is useful for assessing liquidity and risk exposure.
Cumulative cash flows are calculated as follows:
* End of Year 1: $125,000
* End of Year 2: $250,000
* End of Year 3: $390,000
* End of Year 4: $530,000
The initial investment of $410,000 is recovered sometime during Year 4. Because the question instructs to round up, the payback period is reported as 4 years. Financial management textbooks emphasize that while payback should not be used alone to accept or reject projects, it provides insight into how quickly invested capital is recovered, which is especially relevant for projects with uncertainty or liquidity constraints.
質問 # 18
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