F3最も有効な質問と解答で勉強

Company A has a cash surplus.
The discount rate used for a typical project is the company's weighted average cost of capital of 10%.
No investment projects will be available for at least 2 years.
Which of the following is currently most likely to increase shareholder wealth in respect of the surplus cash?

• A. Investing in the local money market at 4% each year.
• B. Maintaining the cash in a current account.
• C. Paying the surplus cash as a dividend at the earliest opportunity.
• D. Investing in a 2 year bond returning 5% each year.

KKL is a listed sports clothing company with three separate business units. KKL is seeking to sell TT', one of these business units TTP cwns a new. brand of trail running shoes that have Droved hugely popular with lone distance runners.
The management team of TTP are frustrated by the constraints imposes b/ KKL in managing tie brand and developing. the bus ness and they believe that TTF has huge growth potential.
The management team of TTP have approached KKL with a proposal to purchase 1~P through a management layout (MDO). KKL has accepted this proposal as TTP has not proved to be a good fit' with the rest of the business and has agreed on the selling price.
Which THREE of the following factors a-e mast Likely to affect the success of the MBO?

• A. The ability the TTP management team to develop the brand and achieve the expected growth.
• B. The constraints imposed by KKL managing TTF's brand.
• C. The ability of the TTF management team to take over the head office functions successfully.
• D. The motivation of the TTP management team to invest in future growth.
• E. Searing sufficient. funding for the MBO.

A profitable company wishes to dispose of a loss-making division that generated negative free cashflow in the last financial year.
The division requires significant new investment to return it to profitability.
Which of the following valuation approaches is likely to be the most useful to the company when negotiating the sales price?

• A. Discounted forecast free cashflow
• B. Dividend growth model
• C. Asset basis
• D. P/E ratio applied to forecast earnings next year

A company is in the process of issuing a 10 year $100 million bond and is considering using an interest rate swap to change the interest profile on some or all of the $100 million new finance.
The company has a target fixed versus floating rate debt profile of 1:1. Before issuing the bond its debt profile was as follows:

Which of the following is the most appropriate interest rate swap structure for the company?

• A. Pay fixed receive floating interest rate swap for $100 million.
• B. Receive fixed pay floating interest rate swap for $100 million.
• C. Receive fixed pay floating interest rate swap for $50 million.
• D. Pay fixed receive floating interest rate swap for $50 million.

Company ACC. an ungeared car manufacturer has launched a takeover bid of Company BDD. a key competitor operating in the same industry Company BDD has high gearing Company ACC has a large surplus cash balance and believes that the acquisition is an opportunity to enhance shareholder wealth through the realisation of synergistic benefits. Which THREE of the following would most likely be synergistic benefits to Company ACC of purchasing Company BDD9 I

• A. Reduction in staff costs due to the removal of duplicated roles.
• B. Reduction in financial risk due to diversification
• C. Decreased cost of debt
• D. Enhanced profit due to reduced competition
• E. Cost savings in production due to economies of scale