CIMA CIMAPRA19-P03-1 問題集

質問 1：
Zia is an accountant and wishes to take out a Forward Rate Agreement (FRA) as a hedging instrument. The company treasurer has advised that a short-term interest rate (STIR) future would be better.
Which of the following is true of an STIR?
A. A STIR must be kept for the whole duration of the contract.
B. If interest rates have gone down the price of the future will have fallen.
C. A STIR is flexible and the position can be closed quickly and easily.
D. A STIR can be tailored to the exact needs of the company.
正解：C

質問 2：
H has a floating rate loan that it wishes to replace with a fixed rate. The cost of the existing loan is LIBOR + 4%. H would have to pay a fixed rate of 8% on a fixed rate loan. H's bank has found a potential counterparty for a swap arrangement.
The counterparty wishes to raise a variable rate loan. It would pay LIBOR + 1% on a variable rate loan and 9% on a fixed rate.
The bank will require 10% of the savings from the swap and H and the counterparty will share the remaining saving equally.
Calculate H's effective rate of interest from this swap arrangement.
A. H would pay 6%
B. H would pay Libor + 1%
C. H would pay 6.4%
D. H would pay 6.2%
正解：D

質問 3：
James owns a small company which sometimes suffers from credit risk.
Which of the following measures should he put in place to help reduce this risk?
A. Introduce credit checks for new customers.
B. Look for a loan with a lower interest rate.
C. Pay suppliers' invoices quicker.
D. Reduce the company bank loans.
正解：A

質問 4：
Having carried out a full capital appraisal for a construction project, H Company has approved the project with initial outflows of $6,000,000 and a net present value of $1,200,000.
The implementation phase has been commenced with 25% of the costs already committed. However when the ground was opened, an underground waterway was revealed which will need to be diverted if the project is to proceed. Work to carry out this diversion has been estimated at $1,300,000.
Which of the following factors will define whether the project should go ahead or not?
A. The project actually has a higher NPV than before.
B. There may be other unexpected costs to be met if the project continues.
C. There will be abandonment costs to restore the site.
D. Abandoning the project will have an adverse effect on shareholder confidence.
E. The project now has a negative NPV.
正解：A,C

質問 5：
Which TWO of the following scenarios should be considered in strategic scenario planning by a publishing company that specialises in academic textbooks?
A. There could be a change in the technology used by consumers, such as smaller mobile phones with smaller screens
B. The terms offered by media companies for film rights for books could change
C. The quality of output from printing presses might improve
D. Budget changes could have an impact on the funding available to college and university libraries
E. Environmental concerns could lead to a decrease in the availability of trees to make paper
正解：B,D

質問 6：
The long-term prospects for inflation in the UK and the USA are 2% and 6% per annum respectively.
The GBP/USD spot rate is currently GBP/USD1.71.
Using purchasing power parity theory, what GBP/USD spot rate would you expect to see in three months' time?
A. GBP/USD1.73
B. GBP/USD1.69
C. GBP/USD1.77
D. GBP/USD1.65
正解：A