2025年CFA《公司金融》专项训练.docxVIP

2025年CFA《公司金融》专项训练

考试时间：______分钟总分：______分姓名：______

SectionA:MultipleChoiceQuestions

1.Aninvestorrequiresa12%rateofreturnonaninvestmentwithanexpectedreturnof10%andastandarddeviationof20%.Theinvestorsriskpremiumis:

A.2%

B.10%

C.12%

D.32%

2.Whichofthefollowingmethodsofprojectevaluationismostappropriatewhenevaluatingmutuallyexclusiveprojectsofdifferentsizes?

A.NetPresentValue(NPV)

B.InternalRateofReturn(IRR)

C.ProfitabilityIndex(PI)

D.PaybackPeriod

3.Acompanyhasadebt-equityratioof0.5.Ifthecostofequityis12%andthepre-taxcostofdebtis6%,theafter-taxcostofdebt(assuminga30%taxrate)andtheweightedaveragecostofcapital(WACC)areclosestto:

A.4.2%,9.6%

B.6.0%,9.6%

C.4.2%,10.2%

D.6.0%,10.2%

4.Whichofthefollowingstatementsisgenerallytrueregardingacompanysweightedaveragecostofcapital(WACC)?

A.WACCdecreasesasthecompanytakesonmoredebt.

B.WACCistypicallyhigherformaturecompaniesthanforyoung,growthcompanies.

C.WACCincreasesasthecompanysbusinessriskincreases.

D.WACCisunaffectedbychangesinthecompanystaxrate.

5.Acompanyisconsideringaprojectwithaninitialinvestmentof$100,000andexpectedcashflowsof$40,000peryearfor4years.Iftherequiredrateofreturnfortheprojectis10%,thenetpresentvalue(NPV)oftheprojectisclosestto:

A.$15,020

B.$20,000

C.$26,000

D.$30,000

6.WhichofthefollowingisNOTacomponentofacompanysfreecashflowtoequity(FCFE)?

A.Netincome

B.Cashflowtocreditors

C.Capitalexpenditures

D.Dividendspaid

7.TheconstantgrowthDCFmodelismostappropriateforvaluing:

A.Acompanywithpredictable,stablegrowthinearningsanddividends.

B.Acompanywithhighgrowththatisexpectedtomaintainthatgrowthratepermanently.

C.Acompa