CPA Finance 認定 FIN 試験問題:

1. The following statements about stock market ratios have been made:
1)The dividend yield is the annual dividend received by a shareholder expressed as a percentage of the share price.
2)The price earnings ratio is the ratio of the market value of a company's shares over the earnings from those shares.
3)The earnings per share is the profit for the year attributable to ordinary and preference shareholders, after tax has been paid.
Which of the above statements is correct?

A) 1 and 2 only
B) 1 and 3 only
C) 1, 2 and 3
D) 2 and 3 only

2. A put option based on Sigma Co's share has a premium of 86c and its strike (exercise) price is 460c.
Sigma's underlying share is currently quoted at 422c.
What does the premium consist of?

A) Neither intrinsic nor time value
B) Both intrinsic value and time value
C) Only intrinsic value
D) Only time value

3. Chamba Co has 50 million $0*50 ordinary shares in issue with a total marketcapitalizationof $150 million. For the year just ended, after-tax profits were $20 million and are expected to rise by 25% in the forthcoming year. Chamba Co has a constant dividend payout ratio of 40% and intends to increase the dividend by 5% per year after payment of the forthcoming year's dividend.
Which ONE of the following is the expected rate of return from the ordinary shares?

A) 10*33%
B) 5*07%
C) 11*67%
D) 15*05%

4. Aurora plc is considering an investment in a new process. The new process will require an increase in stocks of $30,000 during the first year. There will also be an increase in debtors outstanding of $40,000 and an increase of creditors outstanding of $35,000 during the first year. The new process will use machinery that was purchased immediately before the first year of operations at a cost of $300,000. The machinery is depreciated using the straight-line method and has an estimated life of five years and no residual value. During the first year, the net operating profit before depreciation from the new process is expected to be $180,000. The business uses the net present value method when evaluating investment proposals.
When undertaking the net present value calculations, what would be the estimated net cash flow during the first year of the project? (Ignore taxation)

A) $85,000
B) $145,000
C) $215,000
D) $155,000

5. Shopska Co holds an item of inventory with the following consumption rates and lead times:
MaximumMinimum Daily consumption58 units32 units Supplier lead time9 days4 days
The economic order quantity for this item of inventory is 260 units and a buffer inventory of 120 units is maintained at all times.
What is the maximum number of units of this item that the business could hold?

A) 514 units
B) 902 units
C) 642 units
D) 774 units

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