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CIMA F3 Financial Strategy Sample Questions (Q78-Q83):

NEW QUESTION # 78
Which THREE of the following remain unchanged over the life of a 10 year fixed rate bond?

A. The coupon rate
B. The nominal value
C. The yield
D. The market value
E. The amount payable on maturity

Answer: A,B,E

NEW QUESTION # 79
Which THREE of the following statements about stock market listings are correct?

A. Listed companies may be viewed more favorably by suppliers and consequently granted more generous payment terms than private companies
B. The reporting requirements for listed companies are more onerous than those for private companies
C. When seeking a listing to raise capital companies typically must ensure they include any costs of underwriting shares they need to issue.when determining the number of
D. The increased scrutiny that applies to listed companies makes them less attractive to investors.
E. A prerequisite to obtaining a listing is that a public company must reregister as a private company first.

Answer: A,B,C

NEW QUESTION # 80
A company is planning a share repurchase programme with the following details:
* Repurchased shares will be immediately cancelled.
* The shares will be purchased at a premium to the market share price.
The current market share price is greater than the nominal value of the shares.
Which of the following statements about the impact of the share repurchase programme on the company's financial statements is correct?

A. The share capital figure would reduce by the nominal value of the shares purchased.
B. The premium to the market value would be charged to the Income Statement.
C. The total value of the equity in its Statement of Financial Position would remain unchanged.
D. The premium to the nominal value would be charged to retained earnings.

Answer: A

Explanation:
The company is repurchasing and cancelling its own shares.
When shares are cancelled:
Share capital is reduced by the nominal value of the shares bought back. # Any amount paid above nominal value reduces equity reserves (such as share premium and/or retained earnings), but it does not go through the Income Statement.
Total equity does decrease by the full repurchase amount (so option C is wrong).
No element of the repurchase (including any "premium to market value") is treated as an expense in the Income Statement under IFRS - it's purely an equity transaction (so D is wrong).
Option A is too specific and not strictly correct, because the premium over nominal is not necessarily all charged only to retained earnings - it can also be charged to share premium / other reserves.
So the one fully correct statement is:
B). The share capital figure would reduce by the nominal value of the shares purchased.

NEW QUESTION # 81
A company has a covenant on its 5% long term corporate bond.
* Covenant - The earnings must not fall below $7 million
The bond has a nominal value of $60 million.
It is currently trading at 80% of its nominal value.
The projected earnings before interest and taxation for next year are $11.5 million.
The company retains 80% of its earnings. It pays tax at 20%.
Advise the Board of Directors which of the following covenant conditions will apply next year?

A. The earnings will be = $6.80 million (The covenant will be breached).
B. The earnings will be = $7.28 million (The covenant will not be breached).
C. The earnings will be = $11.50 million (The covenant will not be breached).
D. The earnings will be = $5.44 million (The covenant will be breached).

Answer: A

Explanation:
Explanation with calculations:
Bond nominal value = $60m
Coupon = 5% # Interest = 0.05 × 60 = $3m
Projected EBIT = $11.5m
Profit before tax (PBT)
PBT=EBIT#Interest=11.5#3=8.5 million ext{PBT} = ext{EBIT} - ext{Interest} = 11.5 - 3 = 8.5 ext
{million}PBT=EBIT#Interest=11.5#3=8.5 million
Tax (20%)
Tax=0.20×8.5=1.7 million ext{Tax} = 0.20 imes 8.5 = 1.7 ext{million}Tax=0.20×8.5=1.7 million Earnings after tax (profit for the year) Earnings=8.5#1.7=6.8 million ext{Earnings} = 8.5 - 1.7 = 6.8 ext{million}Earnings=8.5#1.7=6.8 million The covenant states that earnings must not fall below $7m. On the standard CIMA F3 treatment, "earnings" in such a covenant is interpreted as profit after interest and tax, i.e. the $6.8m we've just calculated.
6.8 million<7 million6.8 ext{million} < 7 ext{million}6.8 million<7 million So the covenant will be breached.
The retention rate (80%) and bond market price (80% of nominal) are red herrings for the covenant calculation.
Therefore the correct option is:
C). The earnings will be = $6.80 million (The covenant will be breached).

NEW QUESTION # 82
Using the CAPM, the expected return for a company is 11%. The market return is 8% and the risk free rate is
2%.
What does the beta factor used in this calculation indicate about the risk of the company?

A. It has greater risk than the average market risk.
B. It is not possible to tell from CAPM.
C. It has the same risk as the average market risk.
D. It has lower risk than the average market risk.

Answer: A

NEW QUESTION # 83
......

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CIMA F3 Financial Strategy Sample Questions (Q78-Q83):

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