2025年CMA《財(cái)務(wù)規(guī)劃與分析》高頻考點(diǎn)卷考試時間：______分鐘總分：______分姓名：______第Ⅰ部分1.Acompanyusesasellingpricevarianceanalysiswherethestandardsellingpriceperunitis$50andtheactualsellingpriceperunitis$48.Iftheactualunitssoldare1,200,whatisthesellingpricevarianceindollars?2.Thefollowingdatapertainstoacompany'sproduction:*Standarddirectlaborhoursperunit:2hours*Standarddirectlaborrate:$15perhour*Actualdirectlaborhoursworked:4,500hours*Actualtotaldirectlaborcost:$72,000Calculatethedirectlaborratevarianceandthedirectlaborefficiencyvarianceindollars.3.Acompanyestimatesitscostofgoodssold(COGS)usingapercentageofsalesmethod.Ifprojectedsalesfortheupcomingyearare$500,000andtheestimatedCOGSpercentageis60%,whatistheprojectedCOGS?4.Aprojectrequiresaninitialinvestmentof$200,000.Theexpectedcashinflowsforyears1through5are$60,000,$70,000,$80,000,$90,000,and$100,000,respectively.Ifthecompanyusesadiscountrateof10%,whatisthenetpresentvalue(NPV)oftheproject?(Roundtothenearestdollar.)5.Acompanyhasthefollowingdataforitsproduct:*Variablemanufacturingcostperunit:$10*Fixedmanufacturingoverhead:$100,000*Expectedproduction:10,000unitsCalculatetheunitproductcostusingabsorptioncosting.6.Acompanyisconsideringtwomutuallyexclusiveprojects.ProjectAhasanNPVof$50,000andanIRRof12%.ProjectBhasanNPVof$45,000andanIRRof14%.Assumingarequiredrateofreturnof10%,whichprojectshouldbeselectedbasedontheNPVcriterion?7.Acompanyusesathree-stagefinancialforecastmodel.Thesalesforecastforthenextthreeyearsis$1million,$1.2million,and$1.5million,respectively.Iftheforecastedprofitmarginis10%,whatistheestimatedfreecashflowforthethirdyear?Assumenomajorcapitalexpendituresareexpectedafterthesecondyear.8.Acompany'sactualsalesforthemonthwere$200,000.Thebudgetedsalesforthemonthwere$180,000.Calculatethesalesvolumevarianceinpercentageterms.9.Calculatethepaybackperiodforaprojectwithaninitialinvestmentof$150,000andannualcashinflowsof$40,000.10.Whatistheprimarypurposeofabalancedscorecard(BSC)infinancialplanningandanalysis?第Ⅱ部分11.Acompanyispreparingitsdirectmaterialsbudget.Itexpectstoproduce1,000unitsofaproductinJuly.Eachunitrequires3poundsofmaterialXatastandardpriceof$2perpound.ThecompanyaimstomaintainanendinginventoryofmaterialXequalto20%ofthenextmonth'sproductionneeds.IfthebeginninginventoryofmaterialXinJulyis600pounds,whatisthetotalamountofmaterialXtobepurchasedinJulyindollars?12.Thestandardvariableoverheadrateis$5perdirectlaborhour,andthestandarddirectlaborhoursallowedforactualproductionare3,000hours.Actualvariableoverheadcostswere$16,500.Calculatethevariableoverheadspendingvarianceandthevariableoverheadefficiencyvarianceindollars.13.Acompanyisvaluingadivisionusingthediscountedcashflow(DCF)method.Theexpectedfreecashflowforthenextfiveyearsis$20,000,$25,000,$30,000,$35,000,and$40,000,respectively.Theterminalvalueisestimatedtobe$200,000,discountedbackatarateof8%.Ifthediscountrateforthefirstfiveyearsisalso8%,whatistheestimatedenterprisevalueofthedivision?(Roundtothenearestdollar.)14.Acompanyhasabudgetedcashbalanceof$50,000atthebeginningofthemonth.Expectedcashreceiptsare$120,000,andexpectedcashdisbursementsare$110,000.Thecompanywishestomaintainaminimumcashbalanceof$30,000.Howmuchadditionalfinancingisneeded,ifany?15.Acompanyisanalyzingtheprofitabilityoftwodifferentproducts.ProductXhassalesof$100,000andvariablecostsof$60,000.ProductYhassalesof$150,000andvariablecostsof$90,000.Calculatethecontributionmarginratioforeachproduct.16.Explainthedifferencebetweenastaticbudgetandaflexiblebudgetinthecontextoffinancialperformanceevaluation.17.Acompanyisconsideringanewprojectwithaninitialinvestmentof$100,000.Theprojectisexpectedtogenerateannualafter-taxcashflowsof$30,000forfiveyears.Thecompanyusesapaybackperiodcriterionof3years.Shouldtheprojectbeacceptedbasedonthepaybackperiod?18.Describethestepsinvolvedincreatingafinancialforecastforacompany.Whataresomekeyassumptionsthattypicallyneedtobemade?19.Acompanyhastwoinvestmentopportunities.OpportunityArequiresaninitialinvestmentof$50,000andhasanexpectedIRRof15%.OpportunityBrequiresaninitialinvestmentof$80,000andhasanexpectedIRRof18%.Ifthecompanycanonlyinvestinoneopportunity,whichshoulditchoosebasedontheIRRcriterion?Assumetheprojectsareofsimilarriskandscale.20.Howdoestheconceptofoperatingleverageaffectacompany'sbreakevenpointandprofitability?試卷答案1.SellingPriceVariance=(ActualPrice-StandardPrice)*ActualUnitsSold=($48-$50)*1,200=-$2*1,200=-$2,400(Unfavorable)2.ActualDirectLaborRate=TotalCost/HoursWorked=$72,000/4,500hours=$16perhourDirectLaborRateVariance=(ActualRate-StandardRate)*ActualHours=($16-$15)*4,500=$1*4,500=$4,500(Unfavorable)StandardHoursAllowed=StandardHoursperUnit*ActualUnitsActualproductionunits=ActualDirectLaborHours/StandardHoursperUnit=4,500/2=2,250unitsStandardHoursAllowed=2,250units*2hours/unit=4,500hoursDirectLaborEfficiencyVariance=(ActualHours-StandardHoursAllowed)*StandardRate=(4,500-4,500)*$15=$03.ProjectedCOGS=ProjectedSales*COGSPercentage=$500,000*60%=$500,000*0.60=$300,0004.PVFactor(n=1,r=10%)=1/(1+0.10)^1=0.9091PVFactor(n=2,r=10%)=1/(1+0.10)^2=0.8264PVFactor(n=3,r=10%)=1/(1+0.10)^3=0.7513PVFactor(n=4,r=10%)=1/(1+0.10)^4=0.6830PVFactor(n=5,r=10%)=1/(1+0.10)^5=0.6209PVofCashInflows=$60,000*0.9091+$70,000*0.8264+$80,000*0.7513+$90,000*0.6830+$100,000*0.6209=$54,546+$57,848+$60,104+$61,470+$62,090=$296,068NPV=PVofCashInflows-InitialInvestment=$296,068-$200,000=$96,0685.FixedManufacturingOverheadperUnit=TotalFixedOverhead/ExpectedProduction=$100,000/10,000units=$10perunitUnitProductCost(AbsorptionCosting)=VariableCostperUnit+FixedOverheadperUnit=$10+$10=$206.BasedontheNPVcriterion,theprojectwiththehigherNPVshouldbeselected.ProjectAhasanNPVof$50,000.ProjectBhasanNPVof$45,000.Therefore,ProjectAshouldbeselected.7.Assumingthe$1.5millionsalesforecastforyear3includestheprofitmarginof10%,thentheoperatingprofitis$1,500,000*10%=$150,000.Assumingnomajorcapexbeyondyear2,thefreecashflowisapproximatelytheoperatingprofit(detailsontaxes,depreciation,etc.,notprovided).EstimatedFreeCashFlow(Year3)=$150,0008.SalesVolumeVariance(%)=(ActualSales-BudgetedSales)/BudgetedSales*100%=($200,000-$180,000)/$180,000*100%=$20,000/$180,000*100%=1.11%(Favorable)9.PaybackPeriod=InitialInvestment/AnnualCashInflow=$150,000/$40,000=3.75years10.Theprimarypurposeofabalancedscorecard(BSC)istoprovideacomprehensiveviewoforganizationalperformanceacrossmultipleperspectives(financial,customer,internalprocesses,learning&growth),aligningstrategywithperformancemeasurementandimprovingstrategicmanagement.11.Productionneeds=1,000units*3pounds/unit=3,000poundsEndinginventoryneeded=20%*Nextmonth'sproductionneeds(assumingnextmonth'sproductionisthesameasJuly:1,000units)=0.20*3,000pounds=600poundsMaterialtobepurchased=Productionneeds+Endinginventoryneeded-Beginninginventory=3,000+600-600=3,000poundsTotalpurchasecost=Materialtobepurchased*StandardPrice=3,000pounds*$2/pound=$6,00012.ActualVariableOverheadRate=TotalCost/ActualHours=$16,500/3,000hours=$5.50perhourVariableOverheadSpendingVariance=(ActualRate-StandardRate)*ActualHours=($5.50-$5)*3,000=$0.50*3,000=$1,500(Unfavorable)VariableOverheadEfficiencyVariance=(ActualHours-StandardHoursAllowed)*StandardRate=(3,000-3,000)*$5=$0*$5=$013.PVofCashFlows(Years1-5)=$20,000*0.9091+$25,000*0.8264+$30,000*0.7513+$35,000*0.6830+$40,000*0.6209=$18,182+$20,660+$22,539+$23,905+$24,836=$110,122PVofTerminalValue=TerminalValue*PVFactor(n=5,r=8%)=$200,000*0.6209=$124,180TotalPV=$110,122+$124,180=$234,302EnterpriseValue=TotalPV=$234,30214.EndingCashBalance=BeginningBalance+Receipts-Disbursements=$50,000+$120,000-$110,000=$60,000AdditionalFinancingNeeded=EndingBalance-MinimumDesiredBalance=$60,000-$30,000=$0(Noadditionalfinancingneeded)15.ContributionMargin(ProductX)=Sales-VariableCosts=$100,000-$60,000=$40,000ContributionMarginRatio(X)=ContributionMargin/Sales=$40,000/$100,000=0.40or40%ContributionMargin(ProductY)=Sales-VariableCosts=$150,000-$90,000=$60,000ContributionMarginRatio(Y)=ContributionMargin/Sales=$60,000/$150,000=0.40or40%16.Astaticbudgetispreparedforasinglelevelofactivityandremainsunchangedregardlessoftheactuallevelofactivityachievedduringtheperiod.Itisoftenusedforcontrolpurposesbutcanbemisleadingifactualactivitydifferssignificantly.Aflexiblebudgetisadjustedbasedontheactuallevelofactivityachieved,reflectingcoststhatvarywithvolume.Itprovidesamorerealisticbasisforperformanceevaluationasitcomparesactualresultstowhatwasexpectedattheactuallevelofactivity.17.PaybackPeriod(Project)=InitialInvestment/AnnualAfter-TaxCashFlow=$100,000/$30,000=3.33yearsSincetherequiredpaybackperiodis3years,andtheproject'spaybackperiod(3.33years)islongerthanthecriterion,theprojectshouldberejectedbasedonthepaybackperiod.18.Stepsincreatingafinancialforecasttypicallyinclude:1)Establishingthepurposeandscopeoftheforecast.2)Gatheringhistoricaldata(financialstatements,sales,costs).3)Identifyingkeydriversofthebusiness(sales,costs,capitalexpenditures).4)Makingassumptio