2025年CFA《公司金融》模拟卷.docxVIP

2025年CFA《公司金融》模拟卷

考试时间：______分钟总分：______分姓名：______

SectionA:MultipleChoiceQuestions

1.Acompanyhascurrentassetsof$500,000andcurrentliabilitiesof$300,000.Itsaccountspayableare$100,000.Whatisitsnetworkingcapital?

a)$200,000

b)$300,000

c)$400,000

d)$700,000

2.Whichofthefollowingmethodsofevaluatingcapitalprojectsgenerallyconsidersthetimevalueofmoney?

a)PaybackPeriod

b)ProfitabilityIndex

c)AccountingRateofReturn

d)AverageAccountingReturn

3.Theprimarygoalofafirmsmanagementistypicallyassumedtobe:

a)Maximizingthenumberofemployees

b)Minimizingthefirmsdebt

c)Maximizingshareholderwealth

d)Minimizingproductioncosts

4.Acompanyhasanequitybetaof1.2.Therisk-freerateis3%,andthemarketreturnisexpectedtobe8%.Assumingthemarketriskpremiumis5%,whatistherequiredreturnonthecompanysequityaccordingtotheCapitalAssetPricingModel(CAPM)?

a)3%

b)7.8%

c)8%

d)11%

5.Whichofthefollowingstatementsisgenerallytrue?

a)AcompanywithhigherprofitmarginswillalwayshaveahigherROE.

b)Anincreaseinaccountsreceivableturnoverwillalwaysleadtoanincreaseinnetworkingcapital.

c)IfacompanysROEisconsistentlyhigherthantheindustryaverage,itsstockpriceisguaranteedtorise.

d)Adecreaseintheinventoryconversionperiodwillshortenthecashconversioncycle,assumingotherfactorsremainconstant.

6.UndertheModigliani-Miller(MM)theoremwithtaxes,whichofthefollowingistrue?

a)Thevalueofaleveredfirmisalwaysgreaterthanthevalueofanunleveredfirm.

b)Thecostofequityforaleveredfirmincreasesasthedebt-equityratioincreases.

c)Theweightedaveragecostofcapital(WACC)remainsconstantasthefirmincreasesitsdebtratio.

d)Thevalueofaleveredfirmisequaltothevalueofanunleveredfirmplusthe