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CPA Finance 認定 FIN 試験問題:

1. PNH plc issued 10% loan stock some years ago, which is redeemable at par in exactly one year's time. The interest rate offered by the company is 3 percentage points higher than the interest rate offered on one-year government bonds. A credit-rating agency now estimates that there is a 5% probability that the company would default on its payments and that lenders would receive nothing in one year's time. The market price of the loan stock reflects this default risk. An investor purchases some loan stock.
Ignoring tax, what is the actual achieved yield on the loan stock over the year to redemption if there is no default on payments?

A) 11*22%
B) 8*88%
C) 12*64%
D) 15*79%

2. A company is considering a project for investment which will cost $70,000 now and another $10,000 in year five.
The company has a cost of capital of 8%. The project has the following discounted cash flows:
YearDiscounted Cash Flows $ 123,148 230,007 319,846 414,701
What is its discounted payback period in years and months (to the nearest month)?

A) 3 years, 1 month
B) 3 years, 3 months
C) 3 years, 6 months
D) 2 years, 10 months

3. Company X pays an annual cash return to shareholders of 40 cents per share and this is expected to continue in perpetuity. The risk-free rate of return is 6% and the current average market rate of return is 10%. Company X's coefficient is 1.1.
What is the expected return from Company X, and what would be the predicted market value of company's shares?

A) Expected return 10.6%, Predicted value 377 cents
B) Expected return 10.4%, Predicted value 385 cents
C) Expected return 61%, Predicted value 66 cents
D) Expected return 14.4%, Predicted value 278 cents

4. It has been suggested that preference shares have the following attributes:
1.They are secured on the company's assets.
2.They pay a fixed percentage dividend.
3.They rank before creditors in the event of company liquidation.
4.Their dividends are not an allowable expense for taxation purposes.
Which of the above statements are correct?

A) 2 and 4
B) 1 and 2
C) 1 and 3
D) 2 and 3

5. A UK company has just provided a service to a US company for $750,000. Settlement is due in two months' time and the UK company wants to hedge the risk of a fall in the value of the US dollar over the next two months. The following methods of hedging this risk have been suggested:
1.Buy sterling put options now
2.Buy sterling futures now
3.Buy sterling call options now
4.Sell sterling futures now
Which two of the above suggestions would provide a hedge against the exchange rate risk?

A) 2 and 4
B) 1 and 3
C) 2 and 3
D) 1 and 4

質問と回答：