최신CPA Finance - FIN무료샘플문제
문제1
The shares of Derwent Co and Plym Co have beta values of 0*5 and 1*2 respectively.
The expected rate of return for Derwent Co investors is 9% and the expected return to the market is 12%.
Using the Capital Asset Pricing Model, what is the expected rate of return for investors in Plym Co?
The shares of Derwent Co and Plym Co have beta values of 0*5 and 1*2 respectively.
The expected rate of return for Derwent Co investors is 9% and the expected return to the market is 12%.
Using the Capital Asset Pricing Model, what is the expected rate of return for investors in Plym Co?
정답: A
문제2
Pecking order theory states that, when financing new investment opportunities, a business will prefer to use:
1.Internal finance rather than external finance.
2.Equity rather than debt.
Which ONE of the following combinations (true/false) concerning the above statements is correct?
Pecking order theory states that, when financing new investment opportunities, a business will prefer to use:
1.Internal finance rather than external finance.
2.Equity rather than debt.
Which ONE of the following combinations (true/false) concerning the above statements is correct?
정답: A
문제3
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 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)
정답: D
문제4
Aryal plc, a listed public company, received news on 1 June 2004, in the form of a confidential letter, that it had won a contract from the UK government. The new contract is expected to increase profits significantly from 2006 onwards.The news of the contract was not made publicly available until 5 June 2004.
Which one of the following combinations of possible share price reactions would you expect on 5 June 2004 under the semi-strong and strong forms of market efficiency?
Share price reaction
Semi-strongStrong form
Aryal plc, a listed public company, received news on 1 June 2004, in the form of a confidential letter, that it had won a contract from the UK government. The new contract is expected to increase profits significantly from 2006 onwards.The news of the contract was not made publicly available until 5 June 2004.
Which one of the following combinations of possible share price reactions would you expect on 5 June 2004 under the semi-strong and strong forms of market efficiency?
Share price reaction
Semi-strongStrong form
정답: B
문제5
The following statements concerning market efficiency have been made:
1.Only markets which are strong-form efficient will not be affected by 'creative accounting' or 'window dressing' of accounts.
2.When a market is weak-form efficient, it is possible to predict future share price movements based on past trends of share price movements.
Which of the following combinations (true/false) is correct?
The following statements concerning market efficiency have been made:
1.Only markets which are strong-form efficient will not be affected by 'creative accounting' or 'window dressing' of accounts.
2.When a market is weak-form efficient, it is possible to predict future share price movements based on past trends of share price movements.
Which of the following combinations (true/false) is correct?
정답: B
문제6
The management of Uruk Co feels that the company is over-capitalizedand have cited the following statements to support their view:
1.Over-capitalizationis indicated by lower-than-average sales revenue to working capital ratio.
2.Over-capitalizationis indicated by higher-than-average debt to equity ratio.
Which of the following combinations (true/false) concerning the above statements is correct?
The management of Uruk Co feels that the company is over-capitalizedand have cited the following statements to support their view:
1.Over-capitalizationis indicated by lower-than-average sales revenue to working capital ratio.
2.Over-capitalizationis indicated by higher-than-average debt to equity ratio.
Which of the following combinations (true/false) concerning the above statements is correct?
정답: A
문제7
A company has $500,000 available for investment and is considering the following four divisible, but not repeatable, projects to invest in:
Initial outlayNet present valueProfitability Index Project One$300,000$60,0001.20 Project Two$100,000$40,0001.40 Project Three$200,000$50,0001.25
Project Four$150,000$45,0001.30
What is the maximum net present value the company can generate from its investment?
A company has $500,000 available for investment and is considering the following four divisible, but not repeatable, projects to invest in:
Initial outlayNet present valueProfitability Index Project One$300,000$60,0001.20 Project Two$100,000$40,0001.40 Project Three$200,000$50,0001.25
Project Four$150,000$45,0001.30
What is the maximum net present value the company can generate from its investment?
정답: B
문제8
The following exchange rates of UK sterling (EUR) against the Australian dollar (A$) have been quoted:
Spot EUR1 = A$1.7574
Six months' forward, EUR1 = A$1.7245
The interest rate in Australia is 5% per year for a six-month deposit or borrowing.
What is the annual interest rate for a six-month deposit or borrowing in the UK?
The following exchange rates of UK sterling (EUR) against the Australian dollar (A$) have been quoted:
Spot EUR1 = A$1.7574
Six months' forward, EUR1 = A$1.7245
The interest rate in Australia is 5% per year for a six-month deposit or borrowing.
What is the annual interest rate for a six-month deposit or borrowing in the UK?
정답: D