Kostenlos und ohne Konto. Zu jeder Frage gibt es den vollständigen Lösungsweg, einschließlich der Begründung, warum jede falsche Option falsch ist. Die Fragen sind eigene Aufgaben von Preparaio auf Englisch, keine offiziellen Fragen des CFA Institute.
1. An analyst covering Lukwago Sugar Estates, a listed sugar producer financed with bank loans and common shares, summarizes what each stakeholder group mainly seeks from the company. Which summary is least likely accurate?
A. Employees: fair pay, safe working conditions and job security B. Suppliers: prompt payment and a stable, long-term customer relationship C. Lending banks: a share of extra profit if expansion projects succeed
Lösung und Erklärung Richtige Antwort: C Lending banks: a share of extra profit if expansion projects succeed
Lukwago's lending banks are entitled only to the interest and principal set out in their loan agreements, however profitable the expansion turns out to be. What they mainly want is for those payments to be made on time, so they prefer the company to avoid risk that could impair its ability to repay. Any extra profit from successful projects goes to the shareholders, who hold the residual claim.
Warum die anderen Optionen falsch sind
A: This is an accurate summary: employees depend on the company for their income and careers, so they seek fair pay, safe conditions and job security. B: This is an accurate summary: suppliers want to be paid promptly for what they deliver and value a stable customer that keeps buying from them. Kernregel: Creditors hold a fixed claim to interest and principal, so they seek timely repayment and limited risk-taking rather than a share of upside.
Merksatz: Lenders want to be repaid on time; the upside from success belongs to shareholders.
2. Which of the following comparisons of business structures is accurate?
A. The general partner of a limited partnership bears the same kind of personal liability as a sole proprietor. B. Shareholders of a corporation, like general partners, usually run the business's day-to-day operations themselves. C. A corporation's profits, like a general partnership's, are normally taxed only once, at the level of the owners.
Lösung und Erklärung Richtige Antwort: A The general partner of a limited partnership bears the same kind of personal liability as a sole proprietor.
A sole proprietor is personally liable for all of the business's debts, and so is the general partner of a limited partnership, who manages the partnership and stands behind its obligations. Only the limited partners have liability capped at their investment. The two owners therefore share the same unlimited form of liability even though the business structures differ.
Warum die anderen Optionen falsch sind
B: Corporate shareholders elect a board, which appoints professional managers to run the business; this separation of ownership and control is a defining contrast with general partnerships, where the owners manage. C: A partnership's profits pass through and are taxed only at the partners' level, but a corporation normally pays tax on its profits and shareholders pay tax again on dividends, so corporate profits face double taxation. Kernregel: Sole proprietors and general partners, including the general partner of a limited partnership, have unlimited personal liability, whereas a corporation separates ownership from control and its profits can be taxed twice.
Merksatz: Unlimited liability goes with the owners who run an unincorporated business: the sole proprietor and every general partner.
3. The Mendieta family owns 56% of the shares of Mendieta Bottling Group, a listed company; outside investors own the rest. Mendieta Bottling agrees to buy all of its glass bottles from a glassworks owned privately by the family, at prices well above those offered by other suppliers. This arrangement most likely illustrates a conflict between:
A. the controlling shareholder and minority shareholders B. managers and shareholders C. shareholders and creditors
Lösung und Erklärung Richtige Antwort: A the controlling shareholder and minority shareholders
Overpaying the family's glassworks moves profit out of Mendieta Bottling, which the outside investors partly own, and into a business owned only by the family. The family uses its control to benefit at the expense of the minority, which is a related-party transaction that illustrates the controlling-minority shareholder conflict.
Warum die anderen Optionen falsch sind
B: A principal-agent conflict arises when managers pursue their own interests at owners' expense; here the gain goes to the controlling owners, not to managers. C: Shareholder-creditor conflicts involve shareholders shifting risk or cash away from lenders, for example through riskier projects or debt-funded payouts, which is not what happens here. Kernregel: A controlling shareholder can extract value from minority shareholders, for example through related-party transactions on unfavorable terms.
Merksatz: Related-party deals on unfair terms are a classic way for a controlling shareholder to exploit minority holders.
4. The board of Tlhakatlou Mining is redesigning its chief executive's annual bonus. If the board follows stakeholder theory rather than shareholder theory, the bonus is most likely based on:
A. total shareholder return alone, measured by share price growth plus dividends B. financial results plus safety, community and environmental measures C. growth in the workforce, whatever the effect on the company's financial results
Lösung und Erklärung Richtige Antwort: B financial results plus safety, community and environmental measures
A board that follows stakeholder theory wants management to serve employees, local communities and the environment as well as shareholders. Linking the bonus to a mix of financial results and measures of safety, community relations and environmental performance rewards the chief executive for balancing those interests, which is what the theory calls for.
Warum die anderen Optionen falsch sind
A: Rewarding total shareholder return alone reflects shareholder theory, under which the company's purpose is to maximize value for its owners. C: Stakeholder theory balances interests rather than putting one group first; ignoring financial results would neglect shareholders and creditors, who are stakeholders too. Kernregel: Stakeholder theory holds that a company should balance the interests of all its stakeholders, whereas shareholder theory focuses on maximizing shareholder value.
Merksatz: Shareholder theory maximizes owners' value; stakeholder theory balances owners with employees, customers, communities and others.
5. Skjelvik Island Ferries expects to carry 1,146,000 passengers next year at an average fare of $18.50. Variable costs, such as per-passenger port levies and onboard service, are $6.00 per passenger, and fixed operating costs, mainly vessel leases, crew salaries and maintenance, are $11,960,000 a year. At the expected passenger volume, Skjelvik's degree of operating leverage is closest to:
A. 5.06 B. 6.06 C. 8.96
Lösung und Erklärung Richtige Antwort: B 6.06
Each passenger contributes $12.50, so total contribution is $14,325,000. After $11,960,000 of fixed costs, EBIT is only $2,365,000, and the ratio of contribution to EBIT is 6.06. A 1% change in passenger numbers would therefore change EBIT by about 6.06%: because Skjelvik operates close to its breakeven volume, its heavy fixed costs create high business risk.
Rechenweg
Contribution = 1,146,000 × (18.50 − 6.00) = 14,325,000 EBIT = 14,325,000 − 11,960,000 = 2,365,000 DOL = 14,325,000 / 2,365,000 = 6.06 Check: DOL = 1 + 11,960,000 / 2,365,000 = 6.06 BA-II-Plus-Tastenfolge
18.5 − 6 = × 1146000 = STO 1; − 11960000 = STO 2; RCL 1 ÷ RCL 2 = [6.06]
Warum die anderen Optionen falsch sind
A: 5.06 is fixed costs divided by EBIT; it omits the 1 in DOL = 1 + F/EBIT. C: 8.96 puts revenue ($21,201,000) rather than contribution margin in the numerator, which ignores that variable costs move with volume. Intermediate displayed workings may be rounded; retain full precision until the final answer.
Kernregel: DOL = Q(P − V) / [Q(P − V) − F], the ratio of contribution margin to operating income (EBIT).
Merksatz: DOL is contribution margin over EBIT, and it is highest when the company operates near breakeven.
6. Ibekwe Hardwood Flooring, a flooring wholesaler, reports the annual data in the exhibit; balance sheet amounts are averages for the year. Purchases are not disclosed, so cost of goods sold is used for both inventory days and payables days. Using a 365-day year, what is Ibekwe's cash conversion cycle?
Ibekwe Hardwood Flooring: annual data ($) Item Amount Revenue 58,342,000 Cost of goods sold 41,267,000 Average accounts receivable 7,186,000 Average inventory 9,412,000 Average accounts payable 4,618,000
A. 87.4 days B. 128.2 days C. 169.1 days
Lösung und Erklärung Richtige Antwort: A 87.4 days
Ibekwe holds inventory for about 83.25 days and waits about 44.96 days to collect from customers, so its operating cycle is about 128.2 days. Because it pays suppliers after about 40.85 days, suppliers finance part of that cycle, and cash is tied up for 87.4 days.
Rechenweg
DSO = 7,186,000 / 58,342,000 × 365 = 44.96 days DIO = 9,412,000 / 41,267,000 × 365 = 83.25 days DPO = 4,618,000 / 41,267,000 × 365 = 40.85 days CCC = 83.25 + 44.96 − 40.85 = 87.4 days BA-II-Plus-Tastenfolge
7186000 ÷ 58342000 × 365 = STO 1; 9412000 ÷ 41267000 × 365 = STO 2; 4618000 ÷ 41267000 × 365 = STO 3; RCL 1 + RCL 2 − RCL 3 = [87.36]
Warum die anderen Optionen falsch sind
B: 128.2 days is the operating cycle (inventory days plus receivables days); it ignores the financing provided by suppliers and so overstates how long cash is tied up. C: 169.1 days adds payables days instead of subtracting them, although paying suppliers later shortens, not lengthens, the time cash is committed. Intermediate displayed workings may be rounded; retain full precision until the final answer.
Kernregel: Cash conversion cycle = days of inventory on hand + days sales outstanding − days payables outstanding.
Merksatz: Subtract payables days: the cash conversion cycle is the operating cycle minus the time suppliers finance.
7. Vantriss Telematics sells vehicle-tracking software to logistics fleets. Which of its characteristics is least likely to support a higher proportion of debt in its capital structure?
A. Most of its revenue comes from multi-year subscription contracts. B. It has moved past the start-up stage and generates positive operating cash flow. C. Its assets consist mainly of software code and customer relationships.
Lösung und Erklärung Richtige Antwort: C Its assets consist mainly of software code and customer relationships.
Lenders prefer assets that keep their value and can be pledged or sold if the borrower gets into difficulty. Software code and customer relationships are intangible and lose much of their value in distress, so they offer little collateral. This characteristic limits how much debt Vantriss can prudently carry.
Warum die anderen Optionen falsch sind
A: Multi-year subscription contracts make revenue more recurring and predictable, which makes it easier to cover fixed interest payments and supports more debt. B: Positive and established operating cash flow is a feature of growth and mature companies and supports borrowing, whereas start-ups with negative cash flow rely on equity. Kernregel: Predictable cash flows and a later life-cycle stage raise a company's debt capacity, while intangible assets that make poor collateral lower it.
Merksatz: Stable, recurring cash flows support debt; intangible assets do not provide much collateral.
8. Ostrogovich Waste Services uses target market-value weights of 35% debt, 15% preferred stock and 50% common equity. Its debt yields 6.3% before tax, its preferred stock costs 8.0%, its cost of common equity is 11.8%, and its marginal tax rate is 23%. What is Ostrogovich's weighted average cost of capital?
A. 8.52% B. 8.80% C. 9.30%
Lösung und Erklärung Richtige Antwort: B 8.80%
Because interest is deductible, the after-tax cost of debt is 6.3% × 0.77 = 4.851%. Preferred dividends are not deductible, so preferred stock enters at its full 8.0% cost. Weighting the three costs by 35%, 15% and 50% gives 1.698% + 1.200% + 5.900% = 8.80%.
Rechenweg
After-tax cost of debt = 6.3% × (1 − 0.23) = 4.851% Debt: 0.35 × 4.851% = 1.698%; preferred: 0.15 × 8.0% = 1.200%; equity: 0.50 × 11.8% = 5.900% WACC = 1.698% + 1.200% + 5.900% = 8.80% BA-II-Plus-Tastenfolge
0.35 × 6.3 × ( 1 − 0.23 ) = STO 1; 0.15 × 8 = STO 2; ( 1 − 0.35 − 0.15 ) × 11.8 = + RCL 1 + RCL 2 = [8.80]
Warum die anderen Optionen falsch sind
A: 8.52% also applies the (1 − t) adjustment to preferred stock, but preferred dividends are paid from after-tax profit and give no tax saving. C: 9.30% uses the 6.3% pre-tax cost of debt and so ignores the tax shield on interest. Intermediate displayed workings may be rounded; retain full precision until the final answer.
Kernregel: WACC = w_d × r_d × (1 − t) + w_p × r_p + w_e × r_e, using target weights; only interest is tax-deductible.
Merksatz: Tax-adjust the cost of debt only; preferred stock and common equity enter at their full costs.
9. Pohatu Surf Supplies buys wetsuits from a manufacturer on terms of 2/15, net 40. If Pohatu does not take the discount, it pays on day 40. Using a 365-day year and annual compounding, what is the effective annual cost of forgoing the discount?
A. 20.24% B. 29.80% C. 34.31%
Lösung und Erklärung Richtige Antwort: C 34.31%
By not paying 98% of the invoice on day 15, Pohatu keeps that money for 25 more days and pays 2% more, a periodic cost of 0.02/0.98 = 2.04%. There are 14.6 such 25-day periods in a year, and compounding gives an effective annual cost of 34.31%. Pohatu should take the discount if it can borrow short-term at less than this rate.
Rechenweg
Periodic cost = 0.02 / (1 − 0.02) = 0.020408 Extra days of credit = 40 − 15 = 25; periods per year = 365 / 25 = 14.6 Effective annual cost = 1.020408^14.6 − 1 = 34.31% Take the discount if short-term borrowing costs less than 34.31% BA-II-Plus-Tastenfolge
0.02 ÷ ( 1 − 0.02 ) + 1 = y^x ( 365 ÷ ( 40 − 15 ) ) = − 1 = × 100 = [34.31]
Warum die anderen Optionen falsch sind
A: 20.24% annualizes over the full 40-day net period, but Pohatu gains only 25 extra days of credit by skipping the discount. B: 29.80% annualizes with simple interest (2.04% × 14.6) and so leaves out the effect of compounding. Intermediate displayed workings may be rounded; retain full precision until the final answer.
Kernregel: Cost of forgoing a discount = (1 + d/(1 − d))^(365/(N − Nd)) − 1, where N − Nd is the number of extra days of credit obtained.
Merksatz: Annualize the trade credit cost over N − Nd days, with d/(1 − d) as the periodic cost, and compare it with the borrowing rate.
10. Teodoro Banda buys common shares of Lisungwi Tea Estates, a corporation that also has bank loans outstanding. Which characteristic is least likely to describe Banda's claim on the company?
A. It is paid only after the lending banks' claims have been met. B. Its potential gain is not capped if the company prospers. C. Its potential loss can exceed the amount Banda invested.
Lösung und Erklärung Richtige Antwort: C Its potential loss can exceed the amount Banda invested.
Lisungwi is a corporation, so it is a legal entity separate from its owners and its shareholders have limited liability. If the company fails, Banda can lose the money he paid for his shares but cannot be required to pay the company's debts. His loss therefore cannot exceed his investment.
Warum die anderen Optionen falsch sind
A: This does describe Banda's claim: shareholders hold the residual claim, so they receive cash only after lenders' contractual claims are satisfied. B: This does describe Banda's claim: once lenders receive their fixed payments, all remaining value belongs to shareholders, so their upside is unlimited. Kernregel: Shareholders in a corporation hold a residual claim with uncapped upside, but their limited liability caps their loss at the amount invested.
Merksatz: Equity: last in line, unlimited upside, loss limited to the investment.
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