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Free CIMA CIMAPRA19-F03-1-ENG Exam Questions

Absolute Free CIMAPRA19-F03-1-ENG Exam Practice for Comprehensive Preparation 

  • CIMA CIMAPRA19-F03-1-ENG Exam Questions
  • Provided By: CIMA
  • Exam: F3 Financial Strategy (Online)
  • Certification: CIMA Professional Qualification
  • Total Questions: 305
  • Updated On: Jul 24, 2026
  • Rated: 4.9 |
  • Online Users: 610
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  • Question 1
    • A company's current profit before interest and taxation is $1.1 million and it is expected to remain constant for
      the foreseeable future.
      The company has 4 million shares in issue on which the earnings yield is currently 10%. It also has a $2
      million bond in issue with a fixed interest rate of 5%.
      The corporate income tax rate is 20% and is expected to remain unchanged.
      Which of the following is the best estimate of the current share price?

      Answer: C
  • Question 2
    • A company’s statement of financial position includes non-current assets which are leased, the tax regime
      follows the accounting treatment.
      Which cash flows should be discounted when evaluating the cost of lease finance?

      Answer: B
  • Question 3
    • Company U has made a bid for the entire share capital of Company B.
      Company U is offering the shareholders in Company B the option of either a share exchange or a cash
      alternative.
      Advise the shareholders in Company B which THREE of the following would be considered disadvantages of
      accepting the cash consideration?


      Answer: A,B,D
  • Question 4
    • Company P is a large unlisted food-processing company.
      Its current profit before interest and taxation is $4 million, which it expects to be maintainable in the future.
      It has a $10 million long-term loan on which it pays interest of 10%.
      Corporate tax is paid at the rate of 20%.
      The following information on P/E multiples is available:

      32


      Which of the following is the best indication of the equity value of Company P? 

      Answer: D
  • Question 5
    • Company A is located in Country A, where the currency is the A$.
      It is listed on the local stock market which was set up 10 years ago.
      It plans a takeover of Company B, which is located in Country B where the currency is the B$, and where the
      stock market has been operating for over 100 years.
      Company A is considering how to finance the acquisition, and how the shareholders of Company B might
      respond to a share exchange or cash (paid in B$).
      Which of the following is likely to explain why the shareholders of Company B would prefer a share exchange
      as opposed to a cash offer?

      Answer: D
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