CMA Strategic Financial Management 試験問題と解答 - 模擬練習 - 練習問題・模擬試験

Question No : 1
Amy Curtin sells used cars of a reliable bona Curtin has no knowledge of me history or any or the specific cars She believes that the brand is reliable, and is considering whether it is acceptable to offer only this general Information rather than specific information regarding me cars when trying to complete each sale The company has always preferred to make the sale and worry about any warranty issues later and there are no legal disclosure requirements in their jurisdiction Curtin considers herself to be an ethical person but she does not want to lose out on any potential sales of vehicles that are most likely in good mechanical condition.
Which one of the following statements best represents what Curtin should consider related to the meaning of ethics?

A.Ethics is driven by compliance with a set of regulations or laws
B.Ethics is about being consistent with the ethical tone set by the organization
C.Ethics is about the integrity of the decision making process to resolve issues
D.Ethics is about decisions where the relevant policies are informal and not documented

正解:

Question No : 2
Essentials inc. operates two segments. Segment A and Segment B information about the revenues and costs for Essentials tot the previous year (by segment) is shown below
The above analysis shows that Segment A is not profitable if Segment A is dropped, the revenues associated with the account will be lost and the related variable costs win be eliminated Also, the space freed by this product line will be rented for $40.000. The operating profit (loss) after dropping Segment A will be

A.($35,000)
B.$5,000
C.$50.000
D.$90.000

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Question No : 3
A corporation shows the following on its financial statements (in millions).

The corporation has a financial leverage ratio of

A.0.06
B.0.50
C.2.00
D.3.60

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Question No : 4
A corporation has $80 million in current assets comprised of $30 million in inventory and $50 million in cash and marketable securities it has current liabilities of $50 million. If the corporation purchases an additional $10 million in inventory with trade credit this would

A.increase its current ratio and increase its quick ratio
B.not change its current ratio and decrease its quick ratio
C.not change its current ratio and not change its quick ratio
D.decrease its current ratio and decrease its quick ratio

正解:

Question No : 5
Abex Employment Agency has requested an increase in the firm's line of credit, and the bank is reviewing Abex's sales and collections history Although the firm's sales have increased the bank is concerned about the credit quality of the firm's customers Based on the following information calculate the average collection period for the firm Use a 365-day year in your calculations.

A.80 days
B.88 days
C.99 days
D.101 days

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Question No : 6
Below is the income statement and balance sheet for a retail corporation.

What is the corporation’s return on equity in Year 2?

A.23%
B.26%
C.39%
D.48%

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Question No : 7
The production process of a company s main product yields a by-product Production costs or $700,000 are incurred during this process and $300,000 m additional costs are incurred to finalize the main product. The by-product can be sold for $200 000 without further processing A manager proposed the conversion of the by-product into another product that would cost $100,000 and generate revenue of $250,000. When deciding on this proposal the company should

A.select an approbate cost allocation method to allocate the $1 100 000 joint costs
B.evaluate whether other nonfinancial factors outweigh the Si 50.000 in incremental income
C.treat the $100,000 conversion cost as the marginal cost 1o produce the new product
D.ignore the $200 000 sales revenue for the by-product because it Is irrelevant

正解:

Question No : 8
Given the financial information shown below, what amounts would be shown for sales revenue and for gross prom, respectively in a common size income statement?

A.100% and 20%
B.100% and 45%
C.222% and 225$
D.100% and 55%

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Question No : 9
Which one or the following costs Is a variable product cost?

A.Office rent in a temporary staffing company
B.Plant manager s salary for a computer chip manufacturer
C.Payroll taxes based on the hourly wages of plant personnel
D.Promotional materials distributed to raise brand awareness

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Question No : 10
Using the dividend discount model, an analyst determines mat Beverly Company's equity is worth $80 per share.
Beverly Company’s required rate of return is 15% and the current risk-free rate is 5% assuming a 0% long-term growth rate, what is Beverly's estimated future annual dividend?

A.$16.00
B.$12.00
C.$8.00
D.$ 1. 20

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Question No : 11
Javier makes hand-looted learner dog collars. The materials cost $10 per collar and the collars are sold for $50 each. Javier sells me collars at a local farmer's market mat charges S100 per month for space rental if Javier's income tax rate is 30%, how many collars must Javier sell each year to earn $1,000 net income?

A.29
B.53
C.66
D.263

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Question No : 12
A company is considering investing £1 million for a new machine. The new machine is expected to generate £450,000 incremental before-tax operating cash inflows and £100.000 in additional depreciation expense for each of the next ten years. The company uses the same depreciation assumptions tor book and tax purposes.
If the company's income tax rate is 30%, what is the change in the yearly after-tax cash flow from operations if the company invests in the new machine?

A.£245,000
B.£295, 000
C.£315,000
D.£345, 000

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Question No : 13
A risk with a high frequency of occurrence but with a low impact, is best managed by which one of the following risk response strategies?

A.Risk avoidance
B.Risk acceptance
C.Risk transfer
D.Risk reduction

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Question No : 14
A company can by identical raw materials from four suppliers. Each supplier offers a different term of sale .
Which one of the following terms of sale has the highest effective annual interest rate if the company does not take the cash discount?

A.1/10, net 90
B.1/30, net 90
C.1/10, net 45
D.1/30 net 45

正解:

Question No : 15
Which one of the following statements best describes an offering after an initial public offering where a benchmark stock price will already exist?

A.Private placement
B.Subsequent or secondary public offering.
C.Over-the-counter offering
D.Stock repurchase

正解:

IMA CMA Strategic Financial Management 問題練習