CFA一级企业理财真题

备考必备 | 2015-09-11

CFA一级企业理财真题1:

To estimate a company’s target capital structure for determining the weighted average cost of capital (WACC),Wwhich of the following is the least appropriate method?

A. Using the company’s current capital structure at book value weight.

B. Using statements made by the company’s management regarding capital structure policy.

C. Using averages of comparable companies’ capital structure.

Solution: A.

CFA一级企业理财真题2:

Consider a firm, the weighted average cost of capital is8.3%, before-tax cost of debt is 7%, and the cost of equity is 10%., . . If marginal tax rate is35%, please calculate the weight of equity in the firm's capital structure
A. 79%.

B. 68.8%.

C. 37%.

Solution: B

CFA一级企业理财真题3:

When will a company’s optimal capital budget most likely occur?

A. It will occur at the intersection of marginal cost of capital and investment opportunity schedule.

B. It will occur at the intersection ofmarginal cost of capital and net present value profiles.

C. It will occur at the intersection ofnet present value and internal rate of return profiles.

Solution: A

CFA一级企业理财真题4:

Considering a10-year $1,000 fixed-rate non-callable bond with 9% annual coupons currently sells for $1,200. An additional risk premium for equity relative to debt is 6% and marginal tax rateis assumed to be35%.What is the cost of equity using the bond-yield-plus-risk-premium approach?

A. 13%.

B. 10.15%.

C. 9.9%.

Solution: B

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