CFA考試2025年公司金融模擬試卷考試時(shí)間：______分鐘總分：______分姓名：______試卷開(kāi)始1.Acompanyisevaluatingaprojectwiththefollowingcashflows:Initialinvestment=-$100,000;Year1=$30,000;Year2=$40,000;Year3=$50,000.Whatisthepaybackperiodforthisproject?2.Whichofthefollowingmethodsofprojectevaluationisalwaysconsistentwithmaximizingshareholderwealth?3.TheWACCforafirmis10%.Aprojecthasanexpectedreturnof12%andastandarddeviationofreturnsof15%.Ifthemarketportfoliohasastandarddeviationof20%,whatisthebetaofthisproject,assumingthemarketriskpremiumis5%andtherisk-freerateis3%?4.AccordingtoModigliani-Millertheoremwithcorporatetaxes,thevalueofaleveredfirm(V_L)isequaltothevalueofanunleveredfirm(V_U)plus:5.WhichofthefollowingstatementsismostcorrectregardingtheModigliani-Millertheoremundertheassumptionofnotaxes?6.Acompanyisconsideringwhethertoleaseorbuyapieceofequipment.Theequipmentcosts$1,000,000,hasa5-yearlife,andstraight-linedepreciation.Thecompanycanborrow$1,000,000ata6%interestratefor5years,oritcanleasetheequipmentfor$250,000peryearfor5years,payableatthebeginningofeachyear.Thecompany'staxrateis30%.Assumingthelesseebenefitsfromdepreciationtaxshields,whatisthepresentvalueoftheafter-taxcostofbuyingtheequipment?7.Whichofthefollowingisgenerallyconsideredasignofstrongliquidityforacompany?8.Ifacompany'sinventoryconversionperiodis60daysanditsaccountspayabledeferralperiodis30days,whatisitscashconversioncycle?9.Acompanyhas$1,000,000incurrentassetsand$400,000incurrentliabilities.Ifitsinventoryis$200,000anditsaccountspayableis$100,000,whatisitsquickratio?10.Whichofthefollowingstatementsaboutdividendpolicyismostcorrect?11.Theprimarygoalofafirm'smanagementshouldbeto:12.Whichofthefollowingisacomponentofafirm'scostofcapitalthatrepresentsthereturnbondholdersrequireonthefirm'sdebt?13.Afirmhasadebt-equityratioof0.5.Ifthecostofequityis12%andthecostofdebtis6%(bothaftertax),whatisthefirm'sweightedaveragecostofcapital(WACC)?14.Whichofthefollowingisamethodforestimatingthecostofequityusingthecapitalassetpricingmodel(CAPM)?15.Acompanyisconsideringtwomutuallyexclusiveprojects.ProjectAhasanIRRof12%andaNPVof$50,000.ProjectBhasanIRRof14%andaNPVof$60,000.Whichprojectshouldthecompanyacceptiftherequiredrateofreturnis10%?16.Theprocessofcombiningtwoormorefirmsintoasinglefirmiscalled:17.Whichofthefollowingisapotentialdisadvantageofmergersandacquisitions?18.Whichofthefollowingisatruestatementregardingafirm'soptimalcapitalstructure?19.Acompanyisevaluatinganinvestmentinasecurity.Thesecurityhasanexpectedreturnof15%andastandarddeviationofreturnsof20%.Therisk-freerateis5%.Ifthesecurity'sbetais1.2,whatistheexpectedreturnaccordingtothecapitalassetpricingmodel(CAPM)?20.Whichofthefollowingstatementsismostcorrectregardingtherelationshipbetweenacompany'sdebtratioanditscostofequity?21.Acompanyhasthefollowingdata:ExpectedEBIT=$200,000;Interestexpense=$50,000;Taxrate=30%.Whatistheexpectednetincome?22.Whichofthefollowingfinancialstatementsprovidesinformationaboutacompany'scashinflowsandoutflowsoveraperiodoftime?23.Ifacompany'sROEis15%anditsequitymultiplieris3,whatisitsreturnonassets(ROA)?24.Whichofthefollowingisacharacteristicofcommonstock?25.Whichofthefollowingisamethodofvaluingafirmthatinvolvesestimatingthepresentvalueofitsexpectedfuturefreecashflows?26.Acompanyhasarequiredreturnof10%,agrowthrateof5%,andjustpaidadividendof$2.00.Whatistheestimatedstockpriceusingtheconstantgrowthdividenddiscountmodel(DDM)?27.Whichofthefollowingisafinanciallease?28.Whichofthefollowingstatementsismostcorrectregardingthedecisiontoleaseversusbuy?29.Acompanyhasacurrentratioof2.5andaquickratioof1.5.Ifitsinventoryis$200,000,whatareitscurrentliabilities?30.Whichofthefollowingisameasureofacompany'sabilitytomeetitsshort-termobligations?31.Whichofthefollowingisasourceoflong-termdebtforacompany?32.Whichofthefollowingisafinancialinstrumentthatgivestheholdertherighttopurchaseacompany'sstockatafixedpricebeforeacertaindate?33.Ifacompany'scashconversioncycleis45days,whatistheeffectiveannualcostofitsworkingcapitalifitfinancesitsworkingcapitalneedsata10%interestrate?34.WhichofthefollowingisakeyassumptionoftheModigliani-Millertheorem?35.Whichofthefollowingstatementsismostcorrectregardingtherelationshipbetweenriskandreturn?36.Acompanyisevaluatingtwomutuallyexclusiveprojectswithdifferentlives.Whichmethodofprojectevaluationshouldbeusedtomakeadecision?37.Whichofthefollowingisafactorthatcanincreaseacompany'sWACC?38.Ifacompany'sfinancialleverageincreases,whatislikelytohappentoitsequitybeta?39.Whichofthefollowingisacomponentofacompany'scashflowfromoperatingactivities?40.Whichofthefollowingisatruestatementregardingtheuseoffinancialleverage?試卷結(jié)束試卷答案1.2.33years2.NetPresentValue(NPV)3.0.954.V_L=V_U+T_c*D5.Thevalueofaleveredfirmisequaltothevalueofanunleveredfirm.6.$1,034,5787.Ahighcurrentratioandahighquickratio.8.90days9.1.7510.Dividendpolicydoesnotaffectafirm'svalue.11.Maximizeshareholderwealth.12.Costofdebt.13.9.00%14.Usingtherisk-freerate,themarketreturn,andthesecurity'sbeta.15.ProjectB16.Merger17.Increasedcostsandreducedefficiency.18.Theoptimalcapitalstructureminimizesthefirm'sWACCandmaximizesitsstockprice.19.16.10%20.Asacompany'sdebtratioincreases,itscostofequitytypicallyincreases.21.$105,00022.StatementofCashFlows23.5.00%24.Ownershipinacompany,withvotingrightsandclaimsonassetsandincome.25.DiscountedCashFlow(DCF)26.$40.0027