最優質的 Finance - FIN 考古題

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最新的 Other CPA Certification FIN 免費考試真題:

1. Lydia Co is financed by one million $1 ordinary shares trading at $3 each and has $2,000,000 4*25% irredeemable loan notes which have a market value of $85 per $100. Lydia Co pays tax at 30%. An equivalent all-equity financed company would have a cost of capital of 10%.
What is Lydia Co's cost of equity, according to Modigliani and Miller Proposition 2?

A) 11*98%
B) 12*33%
C) 12*28%
D) 12*68%

2. A public listed company has recently declared a dividend of $0.20 per share and maintains a constant dividend payout ratio of 40%. The market value of each share is $4.60 cum div and the nominal value of each share is $4.00.
The company pays 20% tax on its profits.
What is the price earnings ratio (ex div) of the company?

A) 8.0 times
B) 9.2 times
C) 11.0 times
D) 8.8 times

3. Antares Co and Sirius Co have identical business risk and operating characteristics. Antares Co has financial gearing and Sirius Co is entirely financed by equity. Both companies pay out all their profits in dividends but Antares Co earns twice as much profit before interest and tax as Sirius Co. Antares Co has equity with a market value of $34 million and debt with an equilibrium market value of $15 million. Sirius Co has equity with an equilibrium market value of $24 million. The tax rate is 20%.
According to Modigliani and Miller (with taxes), what is the predicted value of the equity of Antares Co?

A) $51 million
B) $36 million
C) $30 million
D) $37 million

4. The following amounts are taken from a company's latest financial statements:
Sales revenue$3,074,000 Cost of Sales$1,884,000 Inventories$160,000 Trade receivables$514,000 Trade Payables$325,000
Based on the above amounts, what is the cash cycle of the company? (Assume one year is 365 days)

A) 41 days
B) 29 days
C) 68 days
D) 21 days

5. Malus Co has recently announced after-tax profits of $12 million and has a marketcapitalizationof $60 million. The company expects profits to increase by 25% for the forthcoming year but then to increase at the much lower rate of 4% per year in subsequent years. The company will maintain a constant dividend cover of 1*5 times throughout.
Which ONE of the following is the predicted rate of return from the ordinary shares?

A) 16.7%
B) 17.3%
C) 12.7%
D) 20.7%

問題與答案：