2025年CMA美國注冊管理會計(jì)師《財(cái)務(wù)規(guī)劃與分析》模擬卷及答案考試時(shí)間：______分鐘總分：______分姓名：______Part1:MultipleChoiceQuestions1.Financialplanninginvolvesallofthefollowingactivitiesexcept:a)Forecastingfuturefinancialoutcomesbasedonhistoricaldata.b)Settingshort-termandlong-termfinancialgoals.c)Makinginvestmentdecisionstomaximizeshareholderwealth.d)Developingstrategiestoachievethefinancialgoals.2.Acompanyusesacontributionmarginapproachtocalculateitsbreak-evenpointinsalesdollars.Whichofthefollowingstatementsistrue?a)Fixedcostsincreaseassalesvolumeincreases.b)Thebreak-evenpointisthepointwheretotalrevenueequalstotalvariablecosts.c)Contributionmarginperunitiscalculatedassellingpriceperunitminusvariablecostperunit.d)Atthebreak-evenpoint,thecompany'snetincomeiszero.3.Whichofthefollowingisgenerallyconsideredafixedcostintheshortrunforamanufacturingcompany?a)Rawmaterialsb)Directlaborc)Depreciationonfactoryequipmentd)Salescommissions4.Acompanyisconsideringlaunchinganewproduct.Whichofthefollowingfinancialmetricswouldbemostusefulinevaluatingtheprofitabilityofthenewproduct?a)Grossmarginb)Returnonassetsc)Earningspershared)Paybackperiod5.Rollingforecaststypicallyinvolve:a)Developingasingle,staticforecastforafutureperiod.b)Updatingtheforecastonaregularbasisasnewinformationbecomesavailable.c)Focusingonlyonthemostrecentfinancialdata.d)Ignoringhistoricaltrendsandpatterns.6.Whichofthefollowingmethodsismostcommonlyusedtoseparatemixedcostsintotheirfixedandvariablecomponents?a)High-lowmethodb)Regressionanalysisc)Contributionmarginanalysisd)Break-evenanalysis7.Acompanyusesactivity-basedcosting(ABC)toallocateoverheadcosts.WhichofthefollowingisakeyadvantageofABC?a)Itsimplifiesthecostallocationprocess.b)Itprovidesamoreaccurateallocationofoverheadcoststoproductsorservices.c)Itrequireslessdetailedinformationthantraditionalcostingmethods.d)Itisonlyusefulforcompanieswithasingleproductline.8.TheDuPontanalysisframeworkbreaksdownreturnonequity(ROE)intothreecomponents.WhichofthefollowingisNOToneofthesecomponents?a)Netprofitmarginb)Totalassetturnoverc)Debt-to-equityratiod)Equitymultiplier9.Abudgetisaformalstatementof:a)Expectedfutureresults.b)Pastfinancialperformance.c)Actualfinancialresults.d)Noneoftheabove.10.Whichofthefollowingisakeycomponentofamasterbudget?a)Cashbudgetb)Capitalexpenditurebudgetc)Productionbudgetd)Alloftheabove.Part2:ProblemQuestionsProblem1:Acompanyexpectstosell10,000unitsofitsproductnextmonth.Thesellingpriceperunitis$50.Thevariablecostperunitis$30.Thecompany'sfixedcostsare$100,000.Required:a)Calculatethecompany'scontributionmarginperunit.b)Calculatethecompany'sbreak-evenpointinunits.c)Calculatethecompany'sbreak-evenpointinsalesdollars.d)Ifthecompanyactuallysells12,000unitsnextmonth,whatwillbeitsnetincome?Problem2:Acompanyisconsideringinvestinginanewmachinethatcosts$500,000.Themachineisexpectedtogenerateannualcashinflowsof$150,000forthenext5years.Thecompany'srequiredrateofreturnis10%.Required:a)Calculatethenetpresentvalue(NPV)oftheinvestment.b)Calculatetheinternalrateofreturn(IRR)oftheinvestment.c)Basedonyourcalculationsinparts(a)and(b),shouldthecompanyaccepttheinvestment?Explainyouranswer.Problem3:Acompanyusesactivity-basedcosting(ABC)toallocateoverheadcosts.Thecompanyidentifiestwoactivities:settingupmachinesandinspectingproducts.Thecompanyestimatesthefollowinginformationfornextmonth:*Totalsetupcosts:$20,000*Totalinspectioncosts:$30,000*Totalnumberofsetups:100*Totalnumberofinspections:500Thecompanyproducestwoproducts:ProductAandProductB.Thefollowinginformationisavailableaboutthetwoproducts:*ProductA:60setups,300inspections*ProductB:40setups,200inspectionsRequired:a)Calculatetheactivityrateforeachactivity.b)AllocatetheoverheadcoststoProductAandProductBusingABC.c)CalculatethetotaloverheadcostperunitforProductAandProductB.AssumeProductAproduces1,000unitsandProductBproduces800units.Problem4:Acompany'sactualresultsforlastmonthareasfollows:*Sales:$200,000*Costofgoodssold:$120,000*Grossmargin:$80,000*Operatingexpenses:$50,000*Netincome:$30,000Thecompany'sbudgetedresultsforlastmonthwereasfollows:*Sales:$180,000*Costofgoodssold:$110,000*Grossmargin:$70,000*Operatingexpenses:$45,000*Netincome:$25,000Required:a)Calculatethevariancesforsales,costofgoodssold,grossmargin,operatingexpenses,andnetincome.b)Providepossibleexplanationsforthefavorableandunfavorablevariances.Problem5:Acompanyisdevelopingafinancialmodelforitsnextfiscalyear.Themodelincludesthefollowingassumptions:*Salesgrowthrate:5%perquarter*Variablecostratio:60%ofsales*Fixedcosts:$100,000perquarter*Interestexpense:$20,000perquarter*Taxrate:30%Thecompany'ssalesforthefirstquarterofthefiscalyearareexpectedtobe$250,000.Required:a)Usingtheassumptionsabove,extendthefinancialmodeltoforecastthecompany'sincomestatementforthefirstfourquartersofthefiscalyear.b)Calculatethecompany'sforecastednetincomeforthefirstquarter.c)Explainhowthecompanycouldusethisfinancialmodelforplanninganddecision-making.---試卷答案Part1:MultipleChoiceQuestions1.c)Makinginvestmentdecisionstomaximizeshareholderwealth.(Financialplanningfocusesonplanningandcontrollingfinancialresourcestoachievegoals,whileinvestmentdecisionsfallundercorporatefinance.)2.c)Contributionmarginperunitiscalculatedassellingpriceperunitminusvariablecostperunit.(Thisisthedefinitionofcontributionmarginperunit.Option(a)isincorrectbecausefixedcostsaretypicallyconstantintheshortrun.Option(b)isincorrectbecausethebreak-evenpointinunitsiswheretotalrevenueequalstotalcosts(fixed+variable).Option(d)isincorrectbecauseatthebreak-evenpoint,netincomeiszero,butcontributionmargincoversfixedcosts.)3.c)Depreciationonfactoryequipment(Depreciationistypicallyconsideredafixedcostasitisspreadoutovertheusefullifeoftheassetanddoesnotvarydirectlywithproductionvolumeintheshortrun.Rawmaterialsanddirectlaborarevariablecosts,andsalescommissionsaretypicallyvariableexpenses.)4.a)Grossmargin(Grossmarginindicatestheprofitabilityofthecorebusinessoperationsbeforeconsideringfixedcostsandtaxes.Returnonassetsmeasuresoverallefficiencyinusingassetstogenerateprofit.Earningspersharemeasuresprofitabilityonaper-sharebasis.Paybackperiodmeasuresthetimetorecovertheinitialinvestment.)5.b)Updatingtheforecastonaregularbasisasnewinformationbecomesavailable.(Rollingforecastsinvolverevisingforecastsperiodicallytoincorporatenewdataandadjustforchangingconditions.)6.a)High-lowmethod(Thehigh-lowmethodisasimpletechniquethatusesthehighestandlowestactivitylevelsandtheircorrespondingcoststoestimatefixedandvariablecosts.Regressionanalysisismoresophisticatedbutalsomorecomplex.Contributionmarginanalysisisusedforbreak-evenanalysis.Break-evenanalysisdeterminesthepointwheretotalrevenueequalstotalcosts.)7.b)Itprovidesamoreaccurateallocationofoverheadcoststoproductsorservices.(ABCallocatesoverheadbasedontheactualconsumptionofresourcesbyactivities,leadingtoamoreaccuratecostassignmentcomparedtotraditionalmethodsthatoftenuseasingleoverheadrate.)8.c)Debt-to-equityratio(TheDuPontanalysisbreaksdownROEintoNetProfitMargin,TotalAssetTurnover,andEquityMultiplier.Thedebt-to-equityratioisameasureoffinancialleveragebutisnotdirectlyusedintheDuPontformulaforROE.)9.a)Expectedfutureresults.(Abudgetisaplanthatprojectsfuturefinancialoutcomes.)10.d)Alloftheabove.(Themasterbudgettypicallyincludesvarioussub-budgetssuchasthesalesbudget,productionbudget,cashbudget,andcapitalexpenditurebudget.)Part2:ProblemQuestionsProblem1:a)Contributionmarginperunit=Sellingpriceperunit-VariablecostperunitContributionmarginperunit=$50-$30=$20b)Break-evenpointinunits=Fixedcosts/ContributionmarginperunitBreak-evenpointinunits=$100,000/$20=5,000unitsc)Break-evenpointinsalesdollars=Break-evenpointinunits*SellingpriceperunitBreak-evenpointinsalesdollars=5,000units*$50=$250,000Alternatively,Break-evenpointinsalesdollars=Fixedcosts/ContributionmarginratioContributionmarginratio=Contributionmarginperunit/Sellingpriceperunit=$20/$50=0.4Break-evenpointinsalesdollars=$100,000/0.4=$250,000d)Netincome=(Salesvolume-Break-evenvolume)*ContributionmarginperunitNetincome=(12,000units-5,000units)*$20=7,000units*$20=$140,000Alternatively,Netincome=Sales-Variablecosts-FixedcostsNetincome=(12,000units*$50)-(12,000units*$30)-$100,000Netincome=$600,000-$360,000-$100,000=$140,000Problem2:a)NPV=Σ[Cashinflow_t/(1+r)^t]-InitialinvestmentWherer=discountrate(10%),t=year,Initialinvestment=$500,000NPV=[$150,000/(1+0.10)^1]+[$150,000/(1+0.10)^2]+[$150,000/(1+0.10)^3]+[$150,000/(1+0.10)^4]+[$150,000/(1+0.10)^5]-$500,000NPV=[$150,000/1.10]+[$150,000/1.21]+[$150,000/1.331]+[$150,000/1.4641]+[$150,000/1.61051]-$500,000NPV=$136,363.64+$123,966.94+$112,697.22+$102,452.02+$93,138.20-$500,000NPV=$568,618.02-$500,000NPV=$168,618.02b)IRRisthediscountratethatmakesNPV=0.$0=[$150,000/(1+IRR)^1]+[$150,000/(1+IRR)^2]+[$150,000/(1+IRR)^3]+[$150,000/(1+IRR)^4]+[$150,000/(1+IRR)^5]-$500,000Usingafinancialcalculatororspreadsheetfunction(e.g.,IRR),wefind:IRR≈18.29%(Note:Theexactvaluemayvaryslightlydependingonthemethodused.)c)SincetheNPVispositive($168,618.02)andtheIRR(18.29%)isgreaterthantherequiredrateofreturn(10%),thecompanyshouldaccepttheinvestment.ApositiveNPVindicatestheinvestmentisexpectedtoaddvaluetothecompany,andanIRRhigherthanthecostofcapitalsuggestsagoodreturnrelativetotherequiredreturn.Problem3:a)Activityrateforsettingupmachines=Totalsetupcosts/TotalnumberofsetupsActivityrateforsettingupmachines=$20,000/100setups=$200persetupActivityrateforinspectingproducts=Totalinspectioncosts/TotalnumberofinspectionsActivityrateforinspectingproducts=$30,000/500inspections=$60perinspectionb)OverheadallocatedtoProductA:Setupcosts=60setups*$200/setup=$12,000Inspectioncosts=300inspections*$60/inspection=$18,000TotaloverheadforProductA=$12,000+$18,000=$30,000OverheadallocatedtoProductB:Setupcosts=40setups*$200/setup=$8,000Inspectioncosts=200inspections*$60/inspection=$12,000TotaloverheadforProductB=$8,000+$12,000=$20,000c)TotaloverheadcostperunitforProductA=TotaloverheadforProductA/UnitsofProductATotaloverheadcostperunitforProductA=$30,000/1,000units=$30perunitTotaloverheadcostperunitforProductB=TotaloverheadforProductB/UnitsofProductBTotaloverheadcostperunitforProductB=$20,000/800units=$25perunitProblem4:a)Salesvariance=Actualsales-Budgetedsales=$200,000-$180,000=$20,000Favorable(F)Costofgoodssoldvariance=ActualCOGS-BudgetedCOGS=$120,000-$110,000=$10,000Unfavorable(U)Grossmarginvariance=Actualgrossmargin-Budgetedgrossmargin=$80,000-$70,000=$10,000Favorable(F)Operatingexpensesvariance=Actualoperatingexpenses-Budgetedoperatingexpenses=$50,000-$45,000=$5,000Unfavorable(U)Netincomevariance=Actualnetincome-Budgetednetincome=$30,000-$25,000=$5,000Favorable(F)b)Salesvariance(F):Thecompanysoldmoreunitsthanbudgeted,leadingtohighersalesrevenue.COGSvariance(U):Theactualcostofgoodssoldwashigherthanbudgeted.Thiscouldbeduetohigherpricespaidformaterialsorlabor,inefficienciesinproduction,orlowerthanexpectedinventorylevels.Grossmarginvariance(F):ThefavorablegrossmarginvarianceisprimarilyduetothefavorablesalesvolumevarianceoutweighingtheunfavorableCOGSvariance.Operatingexpensesvariance(U):Actualoperatingexpenseswerehigherthanbudgeted.Thiscouldbeduetounexpectedincreasesinsalaries,utilities,orotherdiscretionaryspending.Netincomevariance(F):Theoverallfavorablenetincomevarianceisdrivenbythestrong