Exam F3 Material, Exam F3 Introduction

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Exam CIMA F3 Introduction | F3 Valid Test Pdf

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CIMA F3 Financial Strategy Sample Questions (Q15-Q20):

NEW QUESTION # 15
RR has agreed to sell goods to XX for S20.000 XX will pay when the goods are delivered in 6 months time. RR's home currency is the £- The current exchange rate is 4.3 £/S. The projected inflation rate for the S is 2.8%, and for the E 4 6%.
When RR receives payment for its goods, what will the value be to the nearest pound?

Answer: A


NEW QUESTION # 16
Company WWW is identical in all operating and risk characteristics to Company ZZZ. but their capital structures differ. Company WWW and Company ZZZ both pay corporate income tax at 20% Company WWW has a gearing ratio (debt: equity) of 1:3 Its pre-tax cost of debt is 6%.
Company ZZZ Is all-equity financed. Its cost of equity is 15%
What is the cost of equity tor Company WWW?

Answer: C

Explanation:
For WWW (geared 1:3 debt:equity):
D/E=1/3D/E = 1/3D/E=1/3
Let E=3xE = 3xE=3x, D=xD = xD=x # V=4xV = 4xV=4x
E/V=3/4=0.75E/V = 3/4 = 0.75E/V=3/4=0.75, D/V=1/4=0.25D/V = 1/4 = 0.25D/V=1/4=0.25 Cost of debt Kd=6%K_d = 6%Kd=6% Unlevered cost relation:
Ku=EVKe+DVKdK_u = rac{E}{V}K_e + rac{D}{V}K_dKu=VEKe+VDKd 0.15=0.75Ke+0.25×0.
060.15 = 0.75K_e + 0.25 imes 0.060.15=0.75Ke+0.25×0.06 0.15=0.75Ke+0.0150.15 = 0.75K_e + 0.0150.15
=0.75Ke+0.015 0.75Ke=0.135#Ke=0.1350.75=0.18=18%0.75K_e = 0.135 Rightarrow K_e = rac{0.135}
{0.75} = 0.18 = 18%0.75Ke=0.135#Ke=0.750.135=0.18=18%


NEW QUESTION # 17
Company ADE is an unlisted company; it needs to raise a significant amount of finance to fund future expansion. The directors are considering listing the company on the local stock exchange The following discussions have taken place between some of the directors:
Director A - We consider a public issue of bonds in the capital markets, we don't need to list to issue the bonds which will save time and money.
Director B - We should list on the Alternative Investment Market (AIM) and not the main market to avoid any regulatory requirements Director C - We should remain unlisted; we can access an unlimited amount of equity finance through a rights issue Director D - Listing will increase Company ADE's ability to raise new equity and debt finance in the future.
Director E - If we list, Company ADE will be a more likely target for a takeover than if we remain unlisted.
Which TWO of the directors' statements are correct?

Answer: C,D

Explanation:
Director A - You can issue bonds without having listed equity, but a "public issue" of bonds still involves heavy regulation and doesn't remove the need for disclosure. This is not what the question is really getting at
# treat as not correct.
Director B - AIM still has regulatory requirements; they are lighter, not non-existent # incorrect.
Director C - Rights issues are for existing shareholders of (normally) listed companies; an unlisted company cannot raise unlimited equity this way # incorrect.
Director D - Listing improves marketability and visibility and generally increases the ability to raise both equity and debt # correct.
Director E - Listed status makes shares more easily tradable and the company more visible, so it becomes a more likely takeover target # correct.


NEW QUESTION # 18
The Board of Directors of a listed company wish to estimate a reasonable valuation of the entire share capital of the company in the event of a takeover bid.
The company's current profit before taxation is $4.0 million.
The rate of corporate tax is 25%.
The average P/E multiple of listed companies in the same industry is 8 times current earnings.
The P/E multiple of recent takeovers in the same industry have ranged from 9 times to 10 times current earnings.
The average P/E multiple of the top 100 companies on the stock market is 15 times current earnings.
Advise the Board of Directors which of the following is a reasonable estimate of a range of values of the entire share capital in the event of a bid being made for the whole company?

Answer: C

Explanation:
Profit before tax = $4.0m
Tax at 25% # earnings = $4.0m × (1 # 0.25) = $3.0m
For a takeover, the most relevant comparators are recent takeover P/E multiples in the same industry: 9-10x.
Minimum value = 3.0 × 9 = $27m
Maximum value = 3.0 × 10 = $30m


NEW QUESTION # 19
A listed company in the retail sector has accumulated excess cash.
In recent years, it has experienced uncertainly with forecasting the required level of cash for capital expenditure due to unpredictable economic cycles.
Its excess cash is on deposit earning negligible returns.
The Board of Directors is considering the company's dividend policy, and the need to retain cash in the company.
Which THREE of the following are advantages of retaining excess cash in the company?

Answer: A,B,C

Explanation:
C - More cash = able to react quickly to unexpected investment opportunities.
D - Cash buffer reduces the likelihood of liquidity problems in a downturn.
E - If excess cash were returned, markets might read it as "no good growth opportunities", so retaining avoids that negative signal.


NEW QUESTION # 20
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