CPA FIN 問題集

試験コード：FIN

試験名称：Finance

最近更新時間：2026-07-16

問題と解答：全80問

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質問 1：
Prunus Co has a constant dividend payout ratio of 40% and has recently paid a dividend of $0.20 per equity share.
The company generates a 10% return on all new investments from retained profits.
What is the predicted market value of an equity share?
A. $2.12
B. $3.47
C. $5.00
D. $5.30
正解：D

質問 2：
The following statements about stock market ratios have been made:
1.The dividend yield is the annual dividend received by a shareholder expressed as a percentage of the share price.
2.The price earnings ratio is the ratio of the market value of a company's shares over the earnings from those shares.
3.The earnings per share is the profit for the year attributable to ordinary and preference shareholders, after tax has been paid.
Which of the above statements is NOT correct?
A. Statement-2
B. Statement-1
C. Statement-3
D. All statements are correct
正解：C

質問 3：
The following statements concerning sources of finance have recently been made:
1) Under a finance lease arrangement, thelesseris responsible for servicing and maintaining the leased equipment.
2) Under an invoice discounting arrangement, the invoice discounter undertakes responsibility for collecting the debts.
Which ONE of the following combinations (true/false) is correct?
A. Statement 1 = True, Statement 2 = True
B. Statement 1 = True, Statement 2 = False
C. Statement 1 = False, Statement 2 = False
D. Statement 1 = False, Statement 2 = True
正解：C

質問 4：
Which of the following best describes the Stock Exchange?
A. Neither a primary nor a secondary capital market
B. Both a primary capital market and a secondary capital market
C. A secondary capital market only
D. A primary capital market only
正解：B

質問 5：
Dorsal Co intends to make a bonus issue of ordinary shares during the forthcoming year.
Which one of the following will be affected as a result of the issue?
A. Total equity
B. Liquidity
C. Financial gearing
D. Earnings per share
正解：D

質問 6：
Kubilai Co, a listed company, is considering issuing additional equity capital. To ensure that all the new equity shares are sold, Kubilai Co wants to gain assurance that any shares not bought by the general public will be subscribed.
What term correctly describes a firm which agrees to subscribe for the equity shares which are not taken up?
A. An intermediary
B. An issuing house
C. A sponsoring member firm
D. An underwriter
正解：D

質問 7：
The following amounts are taken from a company's latest financial statements:
Sales revenue$3,074,000 Cost of Sales$1,884,000 Inventories$160,000 Trade receivables$514,000 Trade Payables$325,000
Based on the above amounts, what is the cash cycle of the company? (Assume one year is 365 days)
A. 68 days
B. 41 days
C. 29 days
D. 21 days
正解：C

質問 8：
A business holds an inventory item with an economic order quantity of 800 units. Supply lead times and usage rates for the item are as follows:
MaximumAverageMinimum
Supply lead time20 days12 days6 days
Daily usage25 units20 units10 units
The business wishes to avoid any risk of running out of this inventory item.
What is the size of the buffer inventory (using average figures) and the maximum level of inventory?
A. Average size of buffer inventory 260 units, Maximum level of inventory 1,240 units
B. Average size of buffer inventory 560 units, Maximum level of inventory 1,240 units
C. Average size of buffer inventory 560 units, Maximum level of inventory 740 units
D. Average size of buffer inventory 260 units, Maximum level of inventory 740 units
正解：A

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CPA Finance 認定 FIN 試験問題:

1. Ulmus Co, a company listed on a major stock exchange, received a confidential letter from a rival company on 30 April 2009 offering to buy all the shares in Ulmus Co at a premium of 25% on their current market value. At a private meeting, convened on the same day, the directors of Ulmus Co agreed to accept the offer and made a public announcement of this decision on 2 May 2009.
Which ONE of the following combinations of possible share price reactions (increase/no effect) would you expect on 2 May 2009 under the semi-strong and strong forms of market efficiency?

A) Semi-strong form = Increase, Strong form = No effect
B) Semi-strong form = No effect, Strong form = Increase
C) Semi-strong form = No effect, Strong form = No effect
D) Semi-strong form = Increase, Strong form = Increase

2. A company has convertible loan notes in issue which are due for redemption or conversion in exactly in two years. The interest received on the convertible loan notes is 8% and the investors require a yield of 10%. The convertible loan notes will be converted for 30 shares or redeemed at $105 per $100. The company's shares are currently trading at $3.30 per share.
What is the current market value of the convertible loan notes? (To the nearest $ and ignoring taxation)

A) $96
B) $99
C) $101
D) $108

3. Antares Co and Sirius Co have identical business risk and operating characteristics. Antares Co has financial gearing and Sirius Co is entirely financed by equity. Both companies pay out all their profits in dividends but Antares Co earns twice as much profit before interest and tax as Sirius Co. Antares Co has equity with a market value of $34 million and debt with an equilibrium market value of $15 million. Sirius Co has equity with an equilibrium market value of $24 million. The tax rate is 20%.
According to Modigliani and Miller (with taxes), what is the predicted value of the equity of Antares Co?

A) $37 million
B) $30 million
C) $36 million
D) $51 million

4. Napa Co has 100 million $0*25 ordinary shares in issue with a current market value of $1*20 per share. The cost of ordinary shares is estimated at 12%. The company also has $100 million 6% irredeemable loan notes in issue that are currently quoted at $60 per $100 nominal value. The tax rate is 20%.
What is the weighted average cost of capital for Napa Co?

A) 7*2%
B) 11*3%
C) 8*8%
D) 10*6%

5. Consider the following statements concerning the efficient market hypothesis:
1.When markets demonstrate semi-strong form efficiency, share prices will react to publicly-available information about the future prospects of a business.
2.When markets demonstrate weak form efficiency, there is no connection between past share price movements and future share price movements.
Which of the following combinations (true/false) is correct?

A) Statement 1 = True, Statement 2 = True
B) Statement 1 = True, Statement 2 = False
C) Statement 1 = False, Statement 2 = False
D) Statement 1 = False, Statement 2 = True

質問と回答：

質問 # 1
正解： A

質問 # 2
正解： C

質問 # 3
正解： C

質問 # 4
正解： D

質問 # 5
正解： A