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IMA CMA-Strategic-Financial-Management Exam Syllabus Topics:

IMA CMA Part 2: Strategic Financial Management Sample Questions:

1. A company is considering a capital project that includes the purchase of a new machine costing $100,000. The machines estimated useful life is five years with no salvage value. The annual operating cash inflows from the project are shown below.
Given an effective income tax rate of 20% and using straight-line depreciation, what would be the projects net cash flow in Year 3?

A) $32,000
B) $16,000
C) $20,000
D) $36,000

2. Ryan Fitzgerald the vice president of finance for Southwest Development Company is evaluating a proposed expansion plan currently. Southwest Development has $660 million of total assets and the company's equity ratio Is 38% Southwest Development has never issued preferred shares. The company's earnings before interest and taxes (EBIT) are $83 6 million. The interest rate on their debt is 7 2% and the company's tax rate is 30%. The company is planning to expand by investing $110 million. In assets. As result both sales and EBIT will increase by 20%. The expansion will be financed with 40% debt and 60% common equity If Southwest Development proceeds with the expansion what will happen to the company's return on equally (ROE)?

A) ROE decreases from 19.78% to 18.48%.
B) ROB increases from 14.07% to 14.12%.
C) ROE decreases from 28.25% to 26.40%.
D) ROE increases from 19.78% to 20.17%.

3. Marlow Company s partial balance sheet indicated the following.

A) 0.51
B) 1.96
C) 1.58
D) 2.08

4. Calculate AMI's degree of operating leverage. Show your calculations.
Essay
Apex Manufacturing lnc. (AMI) is a Canada-based company that manufactures a manufactures and unique part for aircrafts. It has few competitors in the market. The company is exposed to exchange rate risk because about 90% of its products are exported to the U.S, and most of its sales contracts are in U.S. dollars. AMI has the capacity to manufacture 1,500 units of the part per year. For the year just ended. AMI manufactured and sold 1,000 units. The operating results are shown below.

Recently, A new customer made a one-area order of 500 units of the part at $1.200 per unit. The CTO asked the controller to analyze this offer. AMI is considering adjusting its sales price next year in a recent meeting, the CFO suggested to use the market-based approach for pricing decisions, bat the controller insisted that the cost-based approach is more favorable to the company.

5. Southwest Supplies Inc. (SSI) is considering the following two projects with cash-flows discounted at SSI's weighted average cost of capital.

SSI can only afford to invest in one of the projects. Which statement would most likely explain why SSI would choose Project B over project A?

A) Project B results in a higher cumulative accounting income
B) Project B generates significantly more non-cash expenses
C) Project B cash-flows are to be received sooner
D) Project B cash-flows are relatively more certain

Solutions: