2025年CFA考试《公司金融》历年真题.docxVIP

2025年CFA考试《公司金融》历年真题

考试时间：______分钟总分：______分姓名：______

试卷内容

1.Acompanyisevaluatingaprojectwithaninitialinvestmentof$1,000,000.Theprojectisexpectedtogeneratecashflowsof$300,000attheendofeachyearfor5years.Thecompanysrequiredrateofreturnis8%.Whatisthenetpresentvalue(NPV)oftheproject?

2.Ifacompanysstockhasabetaof1.2,therisk-freerateis3%,andthemarketreturnis10%,whatistherequiredrateofreturnaccordingtotheCapitalAssetPricingModel(CAPM)?

3.Afirmhasadebt-equityratioof0.5.Thecostofdebtis6%(beforetax),andthecostofequityis12%.Ifthecorporatetaxrateis30%,whatisthefirmsweightedaveragecostofcapital(WACC)?

4.Considerabondwithafacevalueof$1,000,acouponrateof5%,and10yearstomaturity.Ifthemarketrequiredyieldtomaturityis6%,whatistheapproximatepriceofthebond?

5.Acompanyisconsideringwhethertoacceptaspecialorder.Theorderwouldrequireadditionalvariablecostsof$50perunit,andtheunitscouldbesoldfor$150each.Thecompanyalreadyhasexcesscapacityandwillnotincuranyadditionalfixedcosts.Iftheunitsarenormallysoldfor$200each,andthecompanyhasalreadyincurred$10perunitinfixedcoststhatwillnotbeavoided,whatistheminimumpricethecompanyshouldacceptforthisspecialorder?

6.Whatistheprimaryobjectiveofacompanysdividendpolicy?

7.Acompanyhascurrentassetsof$500,000andcurrentliabilitiesof$300,000.Itsinventoryis$150,000.Whatisitsquickratio?

8.Aprojecthasaninitialcostof$200,000andexpectedcashflowsof$60,000attheendofeachyearfor5years.Therequiredrateofreturnis10%.Whatistheprofitabilityindex(PI)oftheproject?

9.Whichofthefollowingisgenerallyconsideredasignoffinancialdistressforacompany?

a)Highdebt-to-equityratio

b)Increasinginventoryturnoverratio

c)Decreasingaccountsrece