CIMA F3 問題集

質問 1：
A venture capitalist is most likely to take which THREE of the following exit routes?
A. Selling back to the original owners.
B. Raising long-term debt from the company.
C. Trade sale to another company.
D. Liquidation of the company.
E. Flotation via a stock market listing.
正解：C,D,E

質問 2：
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. $8.40 million
B. $7.50 million
C. $7.57 million
D. $5.25 million
正解：C

質問 3：
Company P is a pharmaceutical company listed on an alternative investment market.
The company is developing a new drug which it hopes to market in approximately six years' time.
Company P is owned and managed by a group of doctors who wish to retain control of the company. The company operates from leased laboratories with minimal fixed assets.
Its value comes from the quality of its research staff and their research.
The company currently has one approved drug which generates sufficient cashflow to cover day to day operations but not sufficient for major new research and development.
Company P wish to raise debt finance to develop the new drug.
Recommend which of the following types of debt finance would be most appropriate for Company P to help finance the development of this new drug.
A. 6% Eurobond repayable at par in 5 years' time.
B. 5% Bond repayable at par in 7 years' time.
C. 3% Commercial Paper.
D. 4% Convertible bond with a conversion ratio of 350 ordinary shares per bond.
正解：D

質問 4：
Company HJK is planning to bid for listed company BNM
Financial data for BNM for the financial year ended 31 December 20X1:

HJK is not forecasting any growth in these figures for the foreseeable future Profit and cost data above should be assumed to be equivalent to cash flow data when answenng this question Which THREE of the following approaches would be most appropriate for HJK to use to value the equity of BNM?
A. Share price x number of shares in issue plus retained profits
B. Cash flows of S14 million discounted at the cost of equity
C. Share price x number of shares in issue
D. Cash flows of $30 million (= S40 million net of tax at 25%) discounted at WACC minus the value of debt
E. Cash flows of S24 million discounted at the cost of equity
正解：A,C,D

質問 5：
Company Z has identified four potential acquisition targets: companies A, B, C and D.
Company Z has a current equity market value of $590 million.
The price it would have to pay for the equity of each company is as follows:

Only one of the target companies can be acquired and the consideration will be paid in cash.
The following estimations of the new combined value of Company Z have been prepared for each acquisition before deduction of the cash consideration:

Ignoring any premium paid on acquisition, which acquisition should the directors pursue?
A. D
B. A
C. B
D. C
正解：A

質問 6：
A Venture Capital Fund currently holds a significant shareholding in a large private company as a result of funding a recent management buyout. It plans to exit this investment in 5 years time at a significant profit.
Which THREE of the following exit mechanisms are most likely to be preferred by the Venture Capital Fund?
A. The private company obtains a stock market listing on a recognised exchange within the next 5 years.
B. The Venture Capital Fund has an option to sell its shareholding to the company at twice its original cost which can be exercised in 5 years time.
C. The management team has an option to buy the Venture Capital Fund's shares for their nominal value which can be exercised in 5 years time.
D. The Venture Capital Fund has a legal entitlement to sell its shareholding to any third party investor if the company has not obtained a stock market listing within 5 years.
E. The management team agrees to buy back the Venture Capital Funds shareholding in 5 years time at its original cost.
正解：A,B,D

質問 7：
The International Integrated Reporting Council (IIRC) was formed in August 2010 and brings together a cross-section of representatives from a wide variety of business sectors.
The primary purpose of the IIRC's framework is to help enable an organsation to communicate how it:
A. ensures that the conflicting needs of different stakeholder groups are met in an optimal manner.
B. minimises the environmental impact of its business processes.
C. contributes positively to the economic well being of the environment in which it operates.
D. creates value in the short, medium and long term.
正解：D

質問 8：
A company is deciding whether to offer a scrip dividend or a cash dividend to its shareholders.
Although the company has excellent long-term growth prospects, it is experiencing short-term profit and cash flow problems.
Which of the following statements is most likely to be a reason for choosing the scrip dividend?
A. It is a way of increasing dividend per share.
B. It is a way of encouraging shareholders to allow cash to be retained in the business.
C. It is a way of raising additional finance to promote future growth.
D. It is a way of increasing earnings per share.
正解：B