CIMA CIMAPRA19-F03-1 practice materials Questions Answers

Exam Code:
CIMAPRA19-F03-1
Exam Name:
F3 Financial Strategy Exam
Last Update:
Jun 01,2026

391 Questions Answers Verified by Experts!


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Page: 1 / 79
Total Questions: 391

Questions & Answers PDF

• Question 1

  

  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 averageP/Emultiple of listed companies in the same industry is 8 times current earnings.TheP/E multiple of recent takeovers in the same industry have ranged from 9 times to 10 times current earnings.The averageP/Emultiple 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 thewhole company?

  • Minimum = $36 million, and maximum = $40 million.
  • Minimum = $27 million, and maximum = $30 million.
  • Minimum = $32 million, and maximum = $60 million.
  • Minimum = $24 million, and maximum = $45 million.

  Reveal Answer Answer: B Next Question

• Question 2

  

  A company has some 7% coupon bonds in issue and wishes tochangeitsinterest rate profile.It has decided to do this by entering into a plain coupon interest rate swap with it's bank.The bank has quoted a swap rate of: 6.0% - 6.5% fixed against LIBOR.What will the company'snew interest rate profilebe?

  • VARIABLE at LIBOR
  • VARIABLE at LIBOR + 0.5%
  • VARIABLE at LIBOR + 1.0%
  • FIXED at 6.5%

  Reveal Answer Answer: C Next Question

• Question 3

  

  Which THREE of the following are considered in detail in IFRS 7 Financial Instruments: Disclosures?

  • Credit risk
  • Business risk
  • Market risk
  • Enterprise risk
  • Liquidity risk

  Reveal Answer Answer: A, C, E Next Question

• Question 4

  

  Company A plans to acquire Company B,an unlisted company which has been in business for 3 years.It has incurred losses in its first 3 years but is expected to becomehighly profitable in the near future.No listed companies in the country operate the same business field as Company B, aunique new high-risk business process.The future success of the process and hence the future growth rate in earnings and dividends is difficult to determine.Company A is assessing the validity of using the dividendgrowth method to value Company B.Which THREE of the following are weaknesses of using the dividendgrowth model to value an unlisted company such as Company B?

  • The company has been unprofitable to date and hence, there is noestablished dividend payment pattern.
  • The future projected dividend stream is used as the basis for the valuation.
  • The future growth rate in earnings and dividends will be difficult to accurately determine.
  • The dividendgrowth model does not take the time value of money into consideration.
  • The cost of capital will be difficult to estimate.

  Reveal Answer Answer: A, C, E Next Question

• Question 5

  

  A company is owned by its five directors who want to sell the business.Current profit after tax is $750,000.The directors are currentlypaid minimal salaries, taking most of their incomes as dividends.After the company is sold, directors' salaries will need to be increased by $50,000each yearin total.A suitable Price/Earnings (P/E)ratio is 7, and the rate of corporate tax is 20%.What is the value of the company using a P/E valuation?

  • $4,900,000
  • $5,250,000
  • $5,530,000
  • $4,970,000

  Reveal Answer Answer: D Next Question

• Question 6

  

  A company is undertaking a lease-or-buy evaluation, using the post-tax cost of bank borrowing as the discount rate.Details of the twoalternatives are as follows:Buy option:* To be financed by a bank loan* Tax depreciation allowances areavailable on a reducing-balance basis* Assets depreciated on a straight-line basisLease option:* Finance lease* Maintenance to be paid by the lessee* Tax relief available on interest payments and book depreciationWhich THREE of the followingare relevantcashflows in the lease-or-buy appraisal?

  • Tax relief on tax depreciation allowances
  • Bank loan payments
  • Maintenance payments
  • Lease payments
  • Tax relief on the book depreciation

  Reveal Answer Answer: A, D, E Next Question

• Question 7

  

  A company generatesoperating profit of $17.2 million, and incurs finance costs of $5.7 million.It plans to increase interest cover to a multiple of 5-to-1 by raising funds from shareholders to repay some existing debt. The pre-tax cost of debt isfixed at 5%,and the refinancing willnot affect this.Assumingno change inoperating profit,what amountmust be raised from shareholders?Give your answer in $ millions to the nearest one decimal place.$?

  Reveal Answer Answer: Next Question

• Question 8

  

  The Board of Directors of Company T is considering a rights issue to fund a new investment opportunity which has a zero NPV.The Board of Directors wishes to explain to shareholders what the theoretical impact on their wealth will be as a result of different possible actions during the rights issue.Which THREE of the following statements in respect of theoreticalshareholder wealth are true?

  • If shareholders exercise their full rights there will be no impact on their wealth.
  • If the shareholders allow their rights to lapse (do nothing) there will be no impact on their wealth.
  • If shareholders sell their entire rights entitlement there will be no impact on their wealth.
  • If the shareholders only partially exercise their rights and allow the remainder to lapse there will be no impact on their wealth.
  • If shareholders partially exercise their rights and sell the remaining rights entitlement there will be no impact on their wealth.

  Reveal Answer Answer: A, C, E Next Question

• Question 9

  

  Two listed companies in the same industryare joining together through a merger.What are the likely outcomes that will occurafter the merger has happened?Select ALL that apply.

  • Increase in customer base.
  • Competition authorities step in to stop a potential price monopoly.
  • Decrease in employee motivation due to internal changes.
  • Changes to supplier relationships owing to internal changes.
  • Cost savings from synergistic benefits and economies of scale.

  Reveal Answer Answer: A, C, D, E Next Question

• Question 10

  

  On1 January:* Company X has a value of $50 million* Company Y has a value of $20 million* Both companies arewhollyequity financedCompany X plans to take over Company Y by means of a share exchange. Following the acquisition the post-tax cashflow of Company Xfor the foreseeable futureis estimated to be $8 millioneach year. The post-acquisition cost of equity is expected to be 10%.What is the best estimate of thevalue of the synergy that would arise from the acquisition?

  • $10 million
  • $30 million
  • $60 million
  • $100 million

  Reveal Answer Answer: A Next Question

Page: 1 / 79
Total Questions: 391

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