2025年CFA《公司金融》冲刺押题卷.docxVIP

2025年CFA《公司金融》冲刺押题卷

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1.Acompanyisevaluatinganewprojectwithaninitialinvestmentof$1,000,000.Theprojectisexpectedtogeneratecashflowsof$300,000attheendofeachyearfor5years.Thecompanysrequiredrateofreturnis8%.WhatistheNetPresentValue(NPV)oftheproject?

2.TheBetaofacompanysstockis1.2.Therisk-freerateis3%,andthemarketreturnisexpectedtobe10%.AccordingtotheCapitalAssetPricingModel(CAPM),whatistherequiredrateofreturnonthecompanysstock?

3.Acompanyhasadebt-to-equityratioof0.5.Itscostofdebtis5%(beforetax),anditscostofequityis12%.Thecorporatetaxrateis30%.WhatisthecompanysWeightedAverageCostofCapital(WACC)?

4.Acompanyisconsideringbuyingamachinefor$500,000.Themachinehasanexpectedusefullifeof5yearsandnosalvagevalue.Thecompanyusesstraight-linedepreciation.Themachineisexpectedtogenerateadditionalannualcashinflowsof$150,000.Thecompanysrequiredrateofreturnis10%.WhatisthePaybackPeriodforthemachine?

5.WhichofthefollowingstatementsabouttheModigliani-MillertheoremwithcorporatetaxesisTRUE?

a)Thevalueofaleveredfirmisalwaysgreaterthanthevalueofanunleveredfirm.

b)Thevalueofaleveredfirmequalsthevalueofanunleveredfirmplusthetaxshieldprovidedbydebt.

c)Thecostofequityforaleveredfirmincreaseslinearlywiththedebt-to-equityratio.

d)TheModigliani-Millertheoremsuggeststhatcapitalstructuredoesnotaffectthevalueofafirm.

6.Acompanyhascurrentassetsof$600,000andcurrentliabilitiesof$300,000.Itsinventoryisvaluedat$200,000.WhatisthecompanysCurrentRatio?

7.Acompanysinventoryturnoverratiois6timesperyear.Itscostofgoodssoldis$600,000.Whatisthecompanysaverageinventoryl