CIMA CIMAPRA19-P03-1 Exam Questions Answers

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Total Questions: 275

Questions & Answers PDF

• Question 1

  

  The shares of a company have a beta factor of 1.15. Therefore, which of the following must be true?

  • The shares have more unsystematic risk than the stock market average.
  • The shares have more systematic risk than the stock market average.
  • The shares have more total risk than the stock market average.
  • The shares have less unsystematic risk than the stock market average.

  Reveal Answer Answer: B Next Question

• Question 2

  

  A UK based company is considering an investment of GB1,000,000 in a project in the US

  • It is anticipated that the following cash flows will arise from this project. The cash flows will be either US$400,000 with a probability of 40% or US$700,000 with a probability of 60% for each of the next three years; remitted to the UKat the end of each year. Currently GB1.00 is worth US$1.30. The expected inflation rates in the two countries over the next four years are 2% in the UK and 4% in the US. Applying the Purchasing Power Parity Theory, which of the following represents the expected net present value of the project in GP (to the nearest whole pound)?
  • GB287,639
  • GB391,640
  • GB(111,973)
  • GB554,047

  Reveal Answer Answer: A, A Next Question

• Question 3

  

  Smalltown had a problem with people parking cars on the town's mam shopping streets instead of in the nearby car parks The parked cars created congestion and made it difficult for delivery vehicles to unload Smalltown's local government had employed traffic wardens to enforce parking regulations by issuing parking fines to motorists who parked for more than the permitted 30 minutes.The local government took further action to deal with this problem It banned parking on the busiest streets, it introduced parking charges in the remaining streets and it made it free to park m the town's car parks for up to two hours Fewer people now park cars on the streets because of the charges, but those who do generate significant revenues for the local government Fewer traffic wardens are required and so wage costs have reducedThe local goverment auditors have decided to carry out a value for money audit of the parking systemWhich of the following is a measure of effectiveness?

  • The main shopping streets are no longer congested
  • The remaining traffic wardens are less stressed because they no longer receive abuse by motorists.
  • Parking enforcement costs less than before
  • Revenues from parking have increased

  Reveal Answer Answer: A Next Question

• Question 4

  

  You are a junior accountant in a local accountancy firm with many clients in various businesses.Your immediate manager has asked you to collect certainpersonal details about clients' staff from the firm's records. You suspect thathis intentions are malicious.Youasked your manager to explain why he required these details and he told you it is none of your business.What should you do? SelectTWOresponses.

  • You should stop being impertinent and obtain the details as instructed.
  • You should try to find out what the manager wishes to use the details for.
  • You should keep a log of all the facts that the manager has requested, including the dates on which those requests were made.
  • You should seek to have a confidential discussion with the manager's superior and express your concerns.
  • You should raise the matter with the firm's external auditors.

  Reveal Answer Answer: C, D Next Question

• Question 5

  

  W plc is a large international supermarket chain. It has many thousands of suppliers and many thousands of others competing for 'shelf space' in its supermarkets.Which of the following would be appropriate provisions for W plc to include in its Ethical Code in relation to its suppliers?

  • W plc shall not use its buying power unscrupulously.
  • W plc shall endeavour to adhere to the terms of its contracts with its suppliers at all times.
  • W plc shall keep confidential all information received from suppliers and potential suppliers.
  • W plc shall continuously remind suppliers that it always has several alternative suppliers to choose from.
  • W plc shall endeavour to take as high a percentage of each supplier's output as possible.
  • W plc shall insist on an exclusivity agreement with each supplier so that identical products are not available from other outlets.

  Reveal Answer Answer: A, B, C Next Question

• Question 6

  

  In-depth analysis showing theidentification and quantification of exposure to financial risk has become more accessible in recent years. Several varieties of analysis are now available.Whichof the followingstatementsare true?

  • Value at risk analysis, which has become available through increased computing power, is now easier to implement and can cater for extreme market conditions.
  • Monte Carlo analysis is a modelling technique which can be applied to financial analysis,allowing thousands of variables to be integrated together to show standard behaviours and outlier abnormalities requiring detailed understanding in a 'what if?' environment.
  • Sensitivity analysis involves checking the performance of a financial risk model against the various interrelationships between the different input variables in the model.
  • Simulation, which is becoming available through standard computing packages, is complex to implement but dynamic and adaptable to cater for different assumptions.
  • Regression analysis is easy to understand and implement, and based on future expectations.

  Reveal Answer Answer: B, D Next Question

• Question 7

  

  A UK based company is considering an investment of GB1,000,000 in a project in the US

  • It is anticipated that the following cash flows will arise from this project. The cash flows will be either US$400,000 with a probability of 40% or US$700,000 with a probability of 60% for each of the next three years; remitted to the UKat the end of each year. Currently GB1.00 is worth US$1.30. The expected inflation rates in the two countries over the next four years are 2% in the UK and 4% in the US. Applying the Purchasing Power Parity Theory, which of the following represents the expected net present value of the project in GP (to the nearest whole pound)?
  • GB287,639
  • GB391,640
  • GB(111,973)
  • GB554,047

  Reveal Answer Answer: A, A Next Question

• Question 8

  

  M, a manufacturing company, has had some problems with defects in one of the main productsitproduces. This product has been made by the company for many years and is very profitable. Last monthithad over 300 defects reported by customers which is more than 15% of products sold. This is a reputation risk for M and is also affecting profitability.Which of the following controls could M introduce to reduce defects and also increase profitability?

  • M could increase the number of quality control staff.
  • M could introduce a procedure where quality control staff sign a form at the end of each dayto say they have examined 1 in 10 products for defects and they are satisfied with the quality.
  • The production director could examine one in every 10 products and sign a form to say they are satisfactory.
  • M could service machinery at least once a month as recommended by the machinery supplier.
  • M could check all employees qualifications to ensure they are qualified for their jobs.

  Reveal Answer Answer: B, D, E Next Question

• Question 9

  

  JHG manufactures inexpensive cars that compete largely on price Its cars have very basic equipment and small but economical engines JHG's Board is considering launching a luxury brand of cars that will be far better equipped, more comfortable and have much better performanceWhich THREE of the following would be relevant factors to incorporate into the stress testing of this new strategy to create a luxury brand?

  • Reductions m motorway speed limits
  • The need for consumer research
  • Increased tax on vehicle emissions
  • The cost of designing new cars.
  • Potential changes in interest rates.
  • Sales of JHG's existing range of cars

  Reveal Answer Answer: C, D, F Next Question

• Question 10

  

  There are many method for appraising capital projects.SelectALL correct statements.

  • The time value of money should be the same for all similar competing projects.
  • Decisions should only consider the financial implications of the project.
  • No one method of capital appraisal taken alone is adequate to evaluate competing projects.
  • Net Present Value evaluation considers a range of different discount rates considering different risk factors and finance methods.
  • Opportunity cost is only relevant when capital is scarce.
  • All projects should beevaluated using sensitivity analysis.

  Reveal Answer Answer: A, C, D Next Question

Page: 1 / 55
Total Questions: 275

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