2025年CMA《財務(wù)規(guī)劃與分析》真題模擬試卷考試時間：______分鐘總分：______分姓名：______第一部分選擇題1.Acompanyusesapercentageofsalesmethodforbudgeting.Ifsalesareexpectedtoincreaseby10%nextyear,andthecompany'scurrentprofitmarginis5%,whatistheexpectedincreaseinnetincome,assumingotherfactorsremainconstant?a)4.5%b)5%c)10%d)15%2.Whichofthefollowingisgenerallyconsideredaweaknessofthepaybackperiodmethodofcapitalbudgeting?a)Itdoesnotconsiderthetimevalueofmoney.b)Itignorescashflowsthatoccurafterthepaybackperiod.c)Itisdifficulttocalculatewithoutdetailedfinancialdata.d)Itgivesequalweighttoallcashflowsreceived.3.TheDuPontanalysisbreaksdownReturnonEquity(ROE)intocomponents.WhichofthefollowingbestrepresentsthecontributionofprofitmargintoROE?a)NetIncome/TotalEquityb)Sales/TotalAssetsc)NetIncome/Salesd)TotalEquity/TotalAssets4.Acompanyisevaluatingaprojectwithaninitialinvestmentof$100,000.Theprojectisexpectedtogeneratecashinflowsof$30,000peryearfor5years.Ifthecompany'srequiredrateofreturnis8%,whatistheapproximateNetPresentValue(NPV)oftheproject?(UsePVIFAfactorforanannuity)a)Lessthan$0b)$0to$20,000c)$20,001to$40,000d)Morethan$40,0005.Whichfinancialstatementratiomeasuresacompany'sabilitytomeetitsshort-termobligationswithitsmostliquidassets?a)Debt-to-EquityRatiob)CurrentRatioc)ReturnonAssetsRatiod)InventoryTurnoverRatio6.Whenpreparingamasterbudget,whichbudgetistypicallypreparedfirst?a)ProductionBudgetb)SellingandAdministrativeExpenseBudgetc)CashBudgetd)SalesBudget7.Astaticbudgetwouldremainunchangedif:a)Actualsalesvolumediffersfromthebudgetedsalesvolume.b)Inputpriceschangefromthebudgetperiod.c)Managementchangesitsstrategymid-period.d)Alloftheabove.8.EconomicValueAdded(EVA)measures:a)NetIncomeavailabletocommonshareholders.b)ThedifferencebetweenNetOperatingIncomeAfterTaxes(NOIAT)andacapitalchargebasedonthecostofequitycapital.c)Theratioofcurrentassetstocurrentliabilities.d)ReturnonInvestedCapital(ROIC)minusthecostofequity.9.Whichofthefollowingisgenerallyconsideredaspontaneousliability?a)AccountsPayableb)Long-termDebtc)CommonStockd)AccumulatedDepreciation10.Theprocessofforecastingfuturefinancialoutcomesbasedonhistoricaldataandbusinessassumptionsisknownas:a)VarianceAnalysisb)TrendProjectionc)CapitalBudgetingd)DuPontAnalysis11.Inabalancedscorecard,whichperspectivefocusesonimprovingthecompany'sinternalprocessesandoperationalefficiency?a)FinancialPerspectiveb)CustomerPerspectivec)InternalBusinessProcessesPerspectived)LearningandGrowthPerspective12.Whichofthefollowingmethodsofperformancemeasurementfocusesoncashflowsgeneratedrelativetotheinvestmentmade?a)GrossMarginReturnonInvestment(GMROI)b)ReturnonAssets(ROA)c)CashReturnonInvestment(CROI)d)EconomicValueAdded(EVA)13.Acompany'sinventoryturnoverratiois6timesperyear.Whatistheapproximatedays'salesofinventory(DSI)?a)15daysb)60daysc)90daysd)365days14.Whichbudgetoutlinestheexpectedcashinflowsandoutflowsforaspecificperiod?a)MasterBudgetb)BudgetedIncomeStatementc)CashBudgetd)CapitalExpenditureBudget15.Theconceptof"sustainablegrowthrate"refersto:a)Themaximumrateatwhichacompanycangrowusingonlyinternallygeneratedfunds.b)Thegrowthrateachievedwhenacompanyusesthemaximumamountofdebtpossible.c)Therateofgrowthacompanycanachievewithoutneedingtoissuenewequity.d)Therateofgrowthbasedsolelyonincreasesininventory.第二部分簡答題/計算題16.AcompanyreportsthefollowinginformationfortheyearendedDecember31,2023:*Sales:$500,000*CostofGoodsSold(COGS):$300,000*GrossProfit:$200,000*OperatingExpenses:$150,000*InterestExpense:$20,000*IncomeTaxExpense(40%):$38,000*DividendsPaid:$30,000*BeginningTotalAssets:$800,000*EndingTotalAssets:$900,000Calculatethefollowingfor2023:a)NetIncome.b)ReturnonAssets(ROA).c)Debt-to-EquityRatio,assumingtotalliabilitiesare$400,000atthebeginningoftheyearand$450,000attheendoftheyear.17.ThemanagementofAlphaCompanyisconsideringtwoinvestmentprojects.ProjectXrequiresaninitialinvestmentof$60,000andisexpectedtogeneratecashinflowsof$25,000peryearfor4years.ProjectYrequiresaninitialinvestmentof$80,000andisexpectedtogeneratecashinflowsof$30,000peryearfor5years.Thecompany'srequiredrateofreturnis10%.a)CalculatethePaybackPeriodforProjectX.b)CalculatethePaybackPeriodforProjectY.c)Basedsolelyonthepaybackperiod,whichprojectwouldyourecommendifthecompanyusesa3-yearcutoff?18.BetaCompanypreparedthefollowingsalesbudgetforthefirstquarterof2024:*January:$100,000*February:$120,000*March:$150,000Thecompany'spolicyistomaintainendinginventorylevelsequalto20%ofthenextmonth'ssales.Thecostofgoodssoldis60%ofsales.AssumethebeginninginventoryforJanuaryis$18,000.a)Prepareaproductionbudgetforthefirstquarterof2024.b)CalculatetheestimatedCostofGoodsSoldforFebruary.19.Acompanyisevaluatingacapitalbudgetingproject.Theinitialinvestmentis$200,000.Expectedcashflowsare:Year1:$80,000;Year2:$90,000;Year3:$70,000.Thecompany'srequiredrateofreturnis12%.a)CalculatetheNetPresentValue(NPV)oftheproject.(UsePVIFfactors)b)ShouldthecompanyaccepttheprojectbasedontheNPVrule?20.Acompanyhasthefollowingdatafortheyear:*TotalEquity:$500,000*TotalAssets:$1,200,000*Sales:$1,000,000*NetIncome:$100,000Thecompanypaiddividendsof$20,000duringtheyear.Calculatethefollowing:a)ReturnonEquity(ROE).b)SustainableGrowthRate,assumingthecompanymaintainsitscurrentdividendpayoutratio(Dividends/NetIncome).c)Ifthecompanydesiresagrowthrateof12%,whatdividendpayoutratiowoulditneedtoachievethisgrowthrate,assumingtheROEremainsconstant?試卷答案第一部分選擇題1.b解析思路：利潤margin與銷售額Sales同比例增加時，凈收入NetIncome也按相同比例增加。預(yù)期銷售額增加10%，利潤margin為5%，因此凈收入預(yù)期增加5%。2.b解析思路：回收期法的主要缺點是忽略了回收期后的現(xiàn)金流。一個項目可能在回收期后產(chǎn)生大量正現(xiàn)金流，但回收期法無法衡量這種長期價值。3.c解析思路：杜邦分析將凈資產(chǎn)收益率(ROE)分解為：ROE=凈利潤率(NetIncome/Sales)×總資產(chǎn)周轉(zhuǎn)率(Sales/TotalAssets)×權(quán)益乘數(shù)(TotalAssets/TotalEquity)。其中，凈利潤率代表銷售利潤的貢獻。4.b解析思路：計算NPV需要使用年金現(xiàn)值系數(shù)PVIFA(8%,5)。PVIFA(8%,5)≈3.797。NPV=$30,000×3.797-$100,000=$113,910-$100,000=$13,910。結(jié)果在$0到$20,000的范圍內(nèi)。5.b解析思路：流動比率(CurrentRatio)=流動資產(chǎn)(CurrentAssets)/流動負債(CurrentLiabilities)，用于衡量公司償還短期債務(wù)的能力。6.d解析思路：全面預(yù)算的編制是一個系統(tǒng)性的過程，銷售預(yù)算(SalesBudget)是基于市場預(yù)測和銷售目標，是編制其他預(yù)算（如生產(chǎn)、采購、費用等）的基礎(chǔ)。7.a解析思路：靜態(tài)預(yù)算(StaticBudget)是基于某個特定水平（如預(yù)算期初的銷售量或產(chǎn)量）編制的，不隨實際活動水平的變化而調(diào)整。8.b解析思路：經(jīng)濟增加值(EVA)=稅后營業(yè)利潤(NOIAT)-資本成本（權(quán)益資本成本乘以投入資本）。9.a解析思路：自發(fā)負債是指隨銷售或經(jīng)營活動的自然波動而變化的負債，如應(yīng)付賬款。長期債務(wù)和普通股不屬于此類。10.b解析思路：趨勢預(yù)測(TrendProjection)是指利用歷史數(shù)據(jù)識別模式并預(yù)測未來的方法，常用于財務(wù)預(yù)測。11.c解析思路：平衡計分卡的內(nèi)部業(yè)務(wù)流程視角關(guān)注公司如何提高運營效率、創(chuàng)新能力和流程質(zhì)量。12.c解析思路：現(xiàn)金回報率(CROI)專注于衡量公司產(chǎn)生的現(xiàn)金流量與其投資之間的關(guān)系。13.b解析思路：DSI=365天/存貨周轉(zhuǎn)率=365/6≈60.8天。結(jié)果接近60天。14.c解析思路：現(xiàn)金預(yù)算(CashBudget)詳細列示了預(yù)期在特定時期內(nèi)的現(xiàn)金收入和現(xiàn)金支出。15.c解析思路：可持續(xù)增長率是指公司在不發(fā)行新股、僅依靠留存收益和現(xiàn)有負債支持時能夠?qū)崿F(xiàn)的最大增長率。第二部分簡答題/計算題16.a)NetIncome=$38,000解析思路：NetIncome=GrossProfit-OperatingExpenses-InterestExpense-IncomeTaxExpense=$200,000-$150,000-$20,000-$38,000=$-8,000(公司虧損)b)ROA=-0.875%或($-8,000/$850,000)*100%解析思路：計算期中總資產(chǎn)=($800,000+$900,000)/2=$850,000。ROA=NetIncome/AverageTotalAssets=$-8,000/$850,000≈-0.00941或-0.875%。c)Debt-to-EquityRatio=0.625或($425,000/$675,000)解析思路：計算期中總負債=($400,000+$450,000)/2=$425,000。計算期中總權(quán)益=($800,000+$900,000)/2-$425,000=$675,000。Debt-to-EquityRatio=TotalLiabilities/TotalEquity=$425,000/$675,000≈0.625。17.a)PaybackPeriodforProjectX=2.4years解析思路：累計現(xiàn)金流：Year0=-$60,000;Year1=-$60,000+$25,000=-$35,000;Year2=-$35,000+$25,000=-$10,000;Year3=-$10,000+$25,000=$15,000?；厥掌谠诘诙昴Ｓ嘟痤~$10,000/$25,000=0.4年。PaybackPeriod=2+0.4=2.4年。b)PaybackPeriodforProjectY=2.67years解析思路：累計現(xiàn)金流：Year0=-$80,000;Year1=-$80,000+$30,000=-$50,000;Year2=-$50,000+$30,000=-$20,000;Year3=-$20,000+$30,000=$10,000?；厥掌谠诘谌昴?，剩余金額$20,000/$30,000=0.67年。PaybackPeriod=2+0.67=2.67年。c)Basedonpaybackperiod,recommendProjectX.解析思路：項目X的回收期(2.4年)短于ProjectY(2.67年)，且均低于3年的cutoff，根據(jù)回收期法，應(yīng)選擇回收期更短的項目。18.a)ProductionBudget:*January:Sales$100,000;EndingInv.20%*$120,000=$24,000;BeginningInv.$18,000;Needed=$24,000-$18,000=$6,000;Production=$100,000+$6,000=$106,000.*February:Sales$120,000;EndingInv.20%*$150,000=$30,000;BeginningInv.$24,000;Needed=$30,000-$24,000=$6,000;Production=$120,000+$6,000=$126,000.*March:Sales$150,000;EndingInv.20%*$0(assumingnoneforsimplicity,orusenextperiod'ssalesifapplicable)=$0;BeginningInv.$30,000;Needed=$0-$30,000=$0;Production=$150,000+$0=$150,000.b)EstimatedCOGSforFebruary=$120,000*60%=$72,000.解析思路：生產(chǎn)預(yù)算=預(yù)計銷售+預(yù)計期末庫存-預(yù)計期初庫存。COGS=銷售額×COGS占比。19.a)NPV=$13,620解析思路：NPV=$80,000*PVIF(12%,1)+$90,000*PVIF(12%,2)+$70,000*PVIF(12%,3)-$200,000=$80,000*0.8929+$90,000*0.7972+$70,000*0.7118-$200,000=$71,432+$71,748+$49,826-$200,000=$192,006-$200,000=$-7,994(項目不可接受，但按選項范圍看最接近b選項的上限附近，可能題目或選項有偏差，或使用近似系數(shù)導致)。重新計算確認：使用PVIFA(12%,3)≈2.4018。NPV=$30,000*2.4018-$100,000=$72,054-$100,000=$-27,946(此結(jié)果更清晰表