CFA一级企业理财试题精选|CFA真题系列
备考必备 | 2015-11-19
CFA一级企业理财1：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
CFA一级企业理财2：Assuming a fixed-rate non-callable bond is currently selling below par value, which of the following can be regarded as before-tax cost of debtwhen computing the weighted average cost of capital (WACC) and?
A. current yield.
B. yield to maturity.
C. coupon rate.
Solution: B
CFA一级企业理财3：When will a company’s optimal capitalbudget most likely occur?
A. It will occur at the intersection ofmarginal cost of capital and investment opportunity schedule.
B. It will occur at the intersectionofmarginal cost of capital and net present value profiles.
C. It will occur at the intersection ofnetpresent value and internal rate of return profiles.
Solution: A
CFA一级企业理财4：Consider a firm, theweighted average cost of capital is8.3%, before-tax cost of debt is 7%, and thecost of equity is 10%. If marginal tax rate is35%, please calculate the weightof equity in the firm's capital structure：
A. 79%..
B. 68.8%.
C. 37%.
Solution: B
CFA一级企业理财5：To estimate a company’s target capitalstructure for determining the weighted average cost of capital (WACC),which ofthe following is the least appropriate method?
A. Using the company’s current capitalstructure at book value weight.
B. Using statements made by the company’smanagement regarding capital structure policy.
C. Using averages of comparable companies’capital structure.
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