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最新的 CIMA Strategic level CIMAPRA19-F03-1 免費考試真題：

問題 #1

Which THREE of the following would be most important if a hospital wishes to review the effectiveness of its services?

A. Revenue generated from car park charges.
B. Average waiting times for treatment.
C. Patient satisfaction ratings.
D. Staff costs compared to previous years.
E. The proportion of surgical procedures that are deemed to be successful.

問題 #2

AA is considering changing its capital structure. The following information is currently relevant to AA:

The gearing rating raising the new debt finance will be 50%.
Which THREE of the following statement about the impact of AA's change in capital structure are true under Modigliani and Miler's capital structure theory with tax.

A. The cost of debt remain unchanged at 4%
B. The cost of equity will decrease below 10%
C. The cost of debt will increase above 4%
D. The cost of equity will increase above 10%
E. The WACC will decrease below 7.6%
F. The WACC increase above 7.6

問題 #3

A company is financed as follows:
* 400 million $1 shares quoted at $3.00 each.
* $800 million 5% bonds quoted at par.
The company plans to raise $200 million long term debt to finance a project with a net present value of
$100 million.
The bank that is providing the debt is insisting on a maximum gearing level covenant.
Gearing will be based on market values and calculated as debt/(debt + equity).
What is the lowest figure for the gearing covenant that the bank could impose without the company breaching the agreement?

A. 43%
B. 46%
C. 45%
D. 44%

問題 #4

A company which is forecast to experience a strong growth in its profitability is evaluating a potential bond issue.
Which of the following changes in corporate income tax and in bond yields would make the bond issue more attractive to the company?

A. An increase in corporate tax and an increase in bond yields.
B. A decrease in corporate tax and an increase in bond yields.
C. A decrease in corporate tax and a decrease in bond yields.
D. An increase in corporate tax and a decrease in bond yields.

問題 #5

VVV has a floating rate loan that it wishes to replace with a fixed rate. The cost of the existing loan is the risk-free rate + 3%. VW would have to pay a fixed rate of 7% on a fixed rate loan VVVs bank has found a potential counterparty for a swap arrangement.
The counterparty wishes to raise a variable rate loan It would pay the risk-free rate +1 % on a variable rate loan and 8% on a fixed rate.
The bank will require 10% of the savings from the swap and WV and the counterparty will share the remaining saving equally.
Calculate VWs effective rate of interest from this swap arrangement.

A. VVV would pay 5.65%
B. VVV would pay the risk-free rate + 1 %
C. VVV would pay 5.2%
D. VVV would pay 5.5%

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