2025年CMA《財務(wù)規(guī)劃與分析》專項訓(xùn)練題庫考試時間：______分鐘總分：______分姓名：______第一部分1.Acompany'snetincomefortheyearwas$500,000.Depreciationexpensewas$100,000,andaccountspayableincreasedby$20,000.Whatwasthecompany'scashflowfromoperatingactivitiesusingtheindirectmethod?2.Abusinesshasfixedcostsof$120,000andacontributionmarginratioof40%.Toachieveatargetprofitof$90,000,whatlevelofsalesrevenueisrequired?3.Whichofthefollowingisgenerallyconsideredastrengthofthepaybackperiodmethodofcapitalbudgeting?4.Themanagementofacompanyisconsideringwhethertoacceptaspecialorderthatwouldgenerateadditionalrevenueof$80,000butalsoincuradditionalvariablecostsof$50,000.Ifthecompanyhasexcesscapacityandthespecialorderdoesnotaffectothersales,whatdecisionshouldbemadebasedontherelevantcostprinciple?5.Acompanyusestheweightedaveragemethodinprocesscosting.Beginningwork-in-processinventorywas1,000units,60%complete,withacostof$8,000.Duringtheperiod,10,000unitswerestarted,and9,000unitswerecompletedandtransferredout.Endingwork-in-processinventorywas2,000units,40%complete.Whatwastheequivalentunitsofproductionforconversioncostsfortheperiod?第二部分6.Acompany'scommonequityatthebeginningoftheyearwas$2,000,000.Duringtheyear,itissued$300,000ofnewcommonstockandpaid$150,000individends.Ifnetincomefortheyearwas$500,000,whatwastheendingcommonequity?7.Aprojectrequiresaninitialinvestmentof$400,000andisexpectedtogenerateannualcashinflowsof$120,000for5years.Therequiredrateofreturnis10%.Whatisthenetpresentvalue(NPV)oftheproject?(Usethepresentvalueofanannuityfactorfor5yearsat10%fromtables,whichisapproximately3.791).8.Acompanyisevaluatingtwomutuallyexclusiveprojects.ProjectAhasanNPVof$100,000andaninternalrateofreturn(IRR)of12%.ProjectBhasanNPVof$80,000andanIRRof14%.BasedontheNPVcriterion,whichprojectshouldbeselected?9.Thecurrentpriceofastockis$50.Thecompanyisexpectedtopayadividendof$2nextyear,andthedividendgrowthrateisprojectedtobe5%peryearindefinitely.Whatistherequiredrateofreturnonthestockaccordingtotheconstantgrowthmodel?10.Acompanyhassalesof$1,000,000,variablecostsof$600,000,andfixedcostsof$300,000.Whatisthedegreeofoperatingleverage?第三部分11.Acompany'sinventoryturnoverratiois8times,anditsdayssalesofinventory(DSI)is45days.Whatisthecompany'scostofgoodssoldasapercentageofitsaverageinventory?12.Twoproducts,XandY,areproducedinajointprocessuptothesplit-offpoint.Atthesplit-offpoint,ProductXhasamarketvalueof$40,000andProductYhasamarketvalueof$60,000.SeparateprocessingcostsforProductXare$10,000,andforProductYare$20,000.IfthecompanydecidestoprocessProductXfurther,whatistheminimumadditionalprofitthatmustbegeneratedfromfurtherprocessingtomakeitworthwhile?13.Acompanyusesastandardcostsystem.Thestandardcostforoneunitofproductincludes2yardsofmaterialat$5peryardand1houroflaborat$20perhour.Inarecentperiod,thecompanyproduced1,000units.Itused2,100yardsofmaterialatatotalcostof$11,000andincurred950hoursoflaboratatotalcostof$19,000.Whatwasthetotalmaterialsvariance?14.Acompanyhasabudgetedsalesvolumeof10,000unitswithasellingpriceof$20perunit.Theactualsalesvolumewas12,000unitswithasellingpriceof$18perunit.Whatwasthesalesvolumevariance?15.Thebalancedscorecardforacompanyincludesfinancial,customer,internalprocess,andlearning&growthperspectives.Whichperspectivetypicallyprovidesthefoundationfortheotherthreeperspectives?第四部分16.Acompanyispreparingitscashbudgetforthenextmonth.Beginningcashbalanceis$50,000.Expectedcashcollectionsare$200,000andexpectedcashdisbursementsare$180,000.Thecompanywishestomaintainaminimumcashbalanceof$30,000.Ifthecompanyneedstoborrowmoney,theborrowingamountmustbein$1,000increments.Howmuchdoesthecompanyneedtoborrow,ifany?17.Acompanyisconsideringinvestinginanewmachinewithaninitialcostof$100,000.Themachineisexpectedtogenerateannualcashinflowsof$30,000for5yearsandhaveasalvagevalueof$10,000attheendofitsusefullife.Thecompany'srequiredrateofreturnis8%.Whatisthepaybackperiodforthisinvestment?18.Acompanyhastheopportunitytoacceptaspecialorderthatwouldresultinanadditionalrevenueof$60,000.Theadditionalvariablecostsassociatedwiththisorderare$40,000,anditwouldrequiretheuseofamachinewitharelevantcostof$5,000peryear.Thecompanycurrentlyusesthismachine80%ofthetimeandhasnootheruseforit.Whatistheneteffectofacceptingthespecialorderonthecompany'soverallprofit?19.Acompanyusesthehigh-lowmethodtoestimateitsfixedandvariablecosts.Thehighestactivitylevelwas10,000unitswithtotalcostsof$80,000,andthelowestactivitylevelwas6,000unitswithtotalcostsof$60,000.Whatistheestimatedvariablecostperunit?20.Acompanyisevaluatingtwoinvestmentprojects.ProjectAlphahasanexpectedreturnof15%andastandarddeviationof10%.ProjectBetahasanexpectedreturnof10%andastandarddeviationof5%.Basedonriskandreturnconsiderationsalone,whichprojectwouldbepreferred?試卷答案第一部分1.$500,000+$100,000-$20,000=$580,0002.TargetProfit=(SalesRevenue-VariableCosts)-FixedCosts$90,000=(SalesRevenue-0.60*SalesRevenue)-$120,000$90,000=0.40*SalesRevenue-$120,000$210,000=0.40*SalesRevenueSalesRevenue=$210,000/0.40=$525,0003.Paybackperiodissimple,easytounderstand,andconsiderscashflowsdirectly.(Assumingtheoptionswerelistedpreviously)4.Relevantcostsareadditionalvariablecosts($50,000).Sincerevenue($80,000)exceedsrelevantcosts($50,000),accepttheorder.5.Unitstoaccountfor=1,000+10,000=11,000Unitscompletedandtransferredout=9,000UnitsinendingWIP=2,000Equivalentunitsforconversioncosts=(9,000*100%)+(2,000*40%)=9,000+800=9,800第二部分6.EndingCommonEquity=BeginningEquity+NewEquityIssued-DividendsPaidEndingCommonEquity=$2,000,000+$300,000-$150,000=$2,150,0007.NPV=AnnualCashInflow*PVIFA(10%,5)-InitialInvestmentNPV=$120,000*3.791-$400,000NPV=$454,920-$400,000=$54,9208.ChoosetheprojectwiththehigherNPV.ProjectA($100,000)hasahigherNPVthanProjectB($80,000).9.RequiredRateofReturn(k)=D1/P0+gk=$2/$50+0.05k=0.04+0.05=0.09or9%10.DegreeofOperatingLeverage=(Sales-VariableCosts)/(Sales-VariableCosts-FixedCosts)DegreeofOperatingLeverage=($1,000,000-$600,000)/($1,000,000-$600,000-$300,000)DegreeofOperatingLeverage=$400,000/$100,000=4第三部分11.InventoryTurnover=CostofGoodsSold/AverageInventory8=COGS/[(BeginningInventory+EndingInventory)/2]AssumingAverageInventory=COGS/8DSI=365days/InventoryTurnover45=365/8AverageInventory=COGS/8COGS/8=45*[(BeginningInventory+EndingInventory)/2]COGS/8=45*AverageInventoryCOGS=360*AverageInventoryCOGSas%ofAverageInventory=COGS/AverageInventory=$360*AverageInventory/AverageInventory=360%12.IncrementalRevenue=$40,000(ifprocessedfurther)IncrementalCost=$10,000IncrementalProfit=$40,000-$10,000=$30,000Theminimumadditionalprofitfromfurtherprocessingmustbeatleast$30,000.13.TotalStandardMaterialCost=1,000units*2yards/unit*$5/yard=$10,000TotalActualMaterialCost=$11,000TotalMaterialsVariance=ActualCost-StandardCost=$11,000-$10,000=$1,000(Unfavorable)14.BudgetedContributionMarginperUnit=$20-(0.60*$20)=$8ActualContributionMarginperUnit=$18-(0.60*$18)=$10.80SalesVolumeVariance=(ActualVolume-BudgetedVolume)*BudgetedCMperUnitSalesVolumeVariance=(12,000-10,000)*$8=2,000*$8=$16,000(Favorable)15.Learning&Growthperspectivefocusesonemployeeskills,technology,andmotivation,whicharefundamentalforimprovinginternalprocesses,customersatisfaction,andultimatelyfinancialperformance.第四部分16.TotalCashAvailable=$50,000+$200,000=$250,000CashNeededforDisbursements=$180,000ExcessCash=$250,000-$180,000=$70,000Sinceexcesscash($70,000)isabovetheminimumrequiredbalance($30,000),noborrowingisneeded.17.PaybackPeriod=InitialInvestment/AnnualCashInflowPaybackPeriod=$100,000/$30,000=3.33years18.IncrementalRevenue=$60,000IncrementalRelevantCosts=$40,00