Exam F3 Reference & F3 Exam Cram Review

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F3 Exam Cram Review, Valid F3 Test Question

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CIMA F3 Financial Strategy Sample Questions (Q412-Q417):

NEW QUESTION # 412
A company's Board of Directors is assessing the likely impact of financing future new projects using either equity or debt.
The directors are uncertain of the effects on key variables.
Which THREE of the following statements are true?

Answer: B,D,F

Explanation:
In CIMA F3, capital structure choice affects tax, risk and shareholder expectations. Debt interest is tax- deductible whereas dividends are not, so using more debt reduces taxable profit. Therefore statement A ("no impact on tax") is false. Retained earnings are not "free": shareholders could have taken that cash and invested elsewhere, so the cost of retained earnings equals the cost of equity - B is false.
As gearing rises, equity becomes riskier because fixed interest must be paid before any earnings go to shareholders. Under Modigliani-Miller with or without tax, this raises the cost of equity, so D is true.
Replacing debt with equity reduces the probability of default and so reduces overall financial risk, making E true.
Issuing more equity increases the number of shares; investors will expect dividends on those shares in future, so total dividend outflows are likely to rise even if DPS stays the same. This added distribution pressure makes F true. C ("debt is always preferable") is rejected in F3 because of higher financial risk and potential increase in WACC beyond an optimal gearing level.


NEW QUESTION # 413
Company A is a large well-established listed entertainment company and Company B is a small unlisted company specializing in providing online media streaming.
Company A has a gearing ratio of 60% (using book values) and interest cover of 2.
Company A is considering making an offer for Company B, either a cash offer financial by raising additional debt finance or a share-for-share exchange.
Which of the following is most likely to occur if Company A offers a share-for exchange rather than offering cash finance by raising debt?

Answer: A


NEW QUESTION # 414
The Treasurer of Z intends to use interest rate options to set an interest rate cap on Z's borrowings.
Which of the following statement is correct?

Answer: D


NEW QUESTION # 415
A company s about to announce a new project that has a positive NPV.
If the market is semi-strong form efficient, which of the following statements is most Likely to be true?
The value of the company will.

Answer: A

Explanation:
In a semi-strong form efficient market, share prices instantly adjust to all publicly available information.
When the positive-NPV project is announced, its NPV is immediately reflected in the company's value.
Answer Q35: B. Increase by the NPV of the project once the information has been announced


NEW QUESTION # 416
A company with 4 million shares in issue wishes to raise $4 million by means of a rights issue The share price prior to the rights issue is $5.00.
Under the rights issue, 1 million new shares will be issued at $4.00.
When the rights issue is announced it is expected that the Theoretical Ex-rights Price (TERP) will be $4.80 The directors of the company are considering offering any shareholder who does not wish to take up the rights the opportunity to sell the rights back to the company for $1.00.
Which of the following is the most likely consequence of the directors offer?

Answer: A

Explanation:
TERP = $4.80 (given).
Issue price = $4.00 # value of one right per new share = 4.80 # 4.00 = $0.80.
The company offers $1.00 per right, which is more than the theoretical value.
So shareholders who don't want to invest more cash are better off selling the rights back to the company for
$1 rather than exercising them or selling on the market.
That means fewer shareholders will take up the rights, so the company is likely to raise less cash # option D.


NEW QUESTION # 417
......

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