CPA Finance 認定 FIN 試験問題:

1. The following exchange rates of UK sterling (EUR) against the Australian dollar (A$) have been quoted:
Spot EUR1 = A$1.7574
Six months' forward, EUR1 = A$1.7245
The interest rate in Australia is 5% per year for a six-month deposit or borrowing.
What is the annual interest rate for a six-month deposit or borrowing in the UK?

A) 7*00%
B) 4*45%
C) 8*90%
D) 9*95%

2. Indus Co holds an item of inventory for which the demand is 40,000 units per year. The cost of holding one unit of the item is $2*50 per year and the cost of placing an order for the item is $20. Demand for the item is even throughout the year. Indus Co employs the economic order quantity (EOQ) model to derive the optimal order quantity for the item.
What is the combined annual cost of holding and ordering this item?

A) $3,000
B) $8,125
C) $2,000
D) $8,250

3. The following two statements have been made on the propositions which underpin the capital asset pricing model (CAPM).
1.Investors in shares require a return in excess of the risk-free rate to compensate for systematic risk.
2.Investors will require higher returns from shares in companies where the level of systematic risk is higher.
Which one of the following combinations (true/false) is correct?
Statement

A) FalseFalse
B) TrueFalse
C) FalseTrue
D) TrueTrue

4. When projects are appraised using discounted cash flow methods, two approaches to dealing with inflation could be used. These are:
1.To exclude inflation from the estimated future cash flows and to apply a discount rate based on the money cost of capital.
2.To include inflation in the estimated future cash flows and to apply a discount based on the real cost of capital.
Which ONE of the following combinations (true/false) is correct?

A) Statement 1 = True, Statement 2 = False
B) Statement 1 = True, Statement 2 = True
C) Statement 1 = False, Statement 2 = True
D) Statement 1 = False, Statement 2 = False

5. Pindar Co is an airport operator that is quoted on the Stock Exchange. Recently, the board of directors agreed to change the company's depreciation policy concerning airport runways. In future, these assets will be written off over 100 years rather than 50 years. This change is solely designed to increase reported profits over the next 50 years and thereby create a better impression to investors of company performance.
What is the maximum level of market efficiency that the board of directors is assuming to be consistent with suchbehavior?

A) Strong-form of efficiency
B) No form of efficiency
C) Weak-form of efficiency
D) Semi-strong form of efficiency

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