ࡱ> 02-./)` Rqdbjbj8p{{S\fffffffzbtbtbt8tu,zaxxxxxxxx$[hÓ|f~xx~~ffxx~fxfx~ffxx 04hbtlt10a?r??fxynzzxxx(Xxxxa~~~~zzzi~mzzz~mzzzffffff Revision 1 Financial Management, Financial Objectives and Financial Environment Topics List 1.Financial ManagementExam Question Referencea. Financial management decisions investment, financing and dividend decisionsJun 10Q4cb. Three decisions relationship under M&M viewJun 10Q4c2.Financial Management, Management Accounting and Financial Accounting3.Financial Objectivesa. Primary objective maximize shareholders wealthDec 11 Jun 13 Dec 13Q4d Q1c Q1cb. Maximizing and satisfyingc. Financial indicators for maximizing shareholders wealthDec 11 Jun 13Q4d Q1cd. Non-financial indicatorse. External factors4.Stakeholdersa. Categories of stakeholder groupb. Stakeholders areas of interest5.Objectives in Not-for-profit Organizationsa. Value for moneyDec 11Q4db. Economy, effectiveness and efficiencyDec 11Q4d6.Agency problema. MeaningDec 08Q1eJun 12Q3ab. How to reduce the agency problem?Dec 08Q1ec. Less conflict in SMEsJun 12Q3a 7.Macroeconomic Targetsa. Economic growthb. High employmentc. Low inflationd. Balance of payments stability/equilibriume. Price stabilityf. Types of policy8.Financial Institutionsa. Types of financial institutionsb. Functions of financial intermediariesDec 09Q4a9.Financial Marketsa. Money marketsb. Capital marketsc. Euromarkets10.Corporate Governance Regulation Chapter 1 Financial Management and Financial Objectives Multiple Choice Questions I. The Nature and Purpose of Financial Management 1. Which of the following is NOT one of the three main types of decision facing the financing manager in a company? A Dividend decision B Investment decision C Economic decision D Financing decision 2. Which of the following are the 3 key areas covered by financial management decisions? 1 Investment 2 Cash flow 3 Finance 4 Dividend A 1, 2 and 3 B 2, 3 and 4 C 1, 3 and 4 D 1, 2 and 4 3. Which of the following statements concerning financial management are correct? 1 It is concerned with investment decisions, financing decisions and dividend decisions 2 It is concerned with financial planning and financial control 3 It considers the management of risk A 1 and 2 only B 1 and 3 only C 2 and 3 only D 1, 2 and 3 (ACCA F9 Financial Management Pilot Paper 2014) Question 1 Financial management decisions Discuss the relationship between investment decisions, dividend decisions and financing decisions in the context of financial management, illustrating your discussion with examples where appropriate. (8 marks) (ACCA F9 Financial Management June 2010 Q4(c) II. Financial Management, Management Accounting and Financial Accounting 4. Which of the following statements are correct? 1. Financial management is concerned with the long-term raising of finance and the allocation and control of resources. 2. Management accounting is concerned with providing information for the more day-to-day functions of control and decision making 3. Financial accounting is concerned with providing information about the historical results of past plans and decisions A 1 and 2 only B 1 and 3 only C 2 and 3 only D 1, 2 and 3 5. The following statements relate to various functions within a business. 1. The financial management function makes decisions relating to finance 2. Financial accounts are used as a future planning tool. Are the statements true or false? A Both statements are true B Both statements are false C Statement 1 is true and statement 2 is false D Statement 2 is true and statement 1 is false. 6. Which of the following statements are true? 1 Cash flow forecasting is primarily the responsibility of Financial Reporting 2 Whether to undertake a particular new project is a Financial Management decision A Both statements are true B Both statements are false C Statement 1 is true and statement 2 is false D Statement 2 is true and statement 1 is false 7. The following statements relate to various functions within a business. 1 The financial management function makes decisions relating to finance 2 Management accounts incorporate non-monetary measures Are the statements true or false? A Statement 1 is true and statement 2 is false B Both statements are true C Statement 1 is false and statement 2 is true D Both statements are false III. Financial Objectives 8. In relation to the financial management of a company, which of the following provides the best definition of a firms primary financial objective? A To achieve long-term growth in earnings B To maximize the level of annual dividends C To maximize the wealth of its ordinary shareholders D To maximize the level of annual profits 9. Financial management focuses on financial objectives. Which of the following are financial objectives? 1 Maximisation of market share 2 Improving brand awareness 3 Sales revenue growth 4 Achieving a target level of customer satisfaction 5 Achieving a target level of ROCE A 1 and 4 only B 3 and 5 only C 2, 3 and 5 only D 1, 2, 3 and 4 only 10. Which of the following is an example of a financial objective that a company might choose to pursue? A Provision of good wages and salaries B Dealing honestly and fairly with customers on all occasions C Producing environmentally friendly products D Restricting the level of gearing to below a specified target level 11. Which of the following actions is LEAST likely to increase shareholder wealth? A The average cost of capital is decreased by a recent financing decision B The financial rewards of directors are linked to increasing earnings per share C The board of directors decides to invest in a project with a positive net present value D The annual report declares full compliance with the corporate governance code (ACCA F9 Financial Management Pilot Paper 2014) IV. Objectives in Not-for-profit Organizations 12. Which of the following is most appropriate as an objective of a not-for-profit organisation? A To achieve long term growth in earnings B To maximise shareholder wealth C To make efficient use of resources D To minimise input costs 13. Value for money is an important objective for not-for-profit organizations Which of the following actions is consistent with increasing value for money? A Using a cheaper source of goods and thereby decreasing the quality of non-for-profit organization services B Searching for easy to diversify the finances of the not-for-profit organization C Decreasing waste in the provision of a service by the not-for-profit organization D Focusing on meeting the financial objectives of the not-for-profit organization 14. Value for money is an important objective for not-for-profit organisations. Which action is LEAST consistent with increasing value for money? A Using a cheaper source of goods without decreasing the quality of not-for-profit organisation services B Searching for ways to diversify the finances of the not-for-profit organisation C Decreasing waste in the provision of a service by the not-for-profit organisation D Focusing on meeting the objectives of the not-for-profit organization (ACCA F9 Financial Management Pilot Paper 2014) 15. In the context of managing performance in 'not for profit' organisations, which of the following definitions is incorrect? A Value for money means providing a service in a way which is economical, efficient and effective B Economy means doing things cheaply: not spending $2 when the same thing can be bought for $1 C Efficiency means doing things quickly: minimising the amount of time that is spent on a given activity D Effectiveness means doing the right things: spending funds so as to achieve the organisation's objectives 16. A school decides to have larger classes and examination results suffer as a result. In terms of the value for money framework, which one of the following statements is true? A Economy has increased but efficiency has decreased B Efficiency has increased but effectiveness has decreased C Economy has increased but effectiveness has decreased D Economy has increased, but efficiency and effectiveness have decreased 17. A government body uses measures based upon the three Es to the measure value for money generated by a publicly funded hospital. It considers the most important performance measure to be cost per successfully treated patient. Which of the three Es best describes the above measure? A Economy B Effectiveness C Efficiency D Externality 18. In not-for-profit businesses and state-run entities, a value-for-money audit can be used to measure performance. It covers three key areas: economy, efficiency and effectiveness. Which of the following could be used to describe effectiveness in this context? A Avoiding waste of inputs B Achieving agreed targets C Achieving a given level of profit D Obtaining suitable quality inputs at the lowest price 19. Which of the following is an efficiency target that a not-for-profit organization might put in place? A Negotiation of bulk discounts B Pay rates for staff of appropriate levels of qualification C Staff utilization D Customer satisfaction ratings Question 2 Objectives of listed company and not-for-profit organisation Compare and contrast the financial objectives of a stock exchange listed company such as Bar Co and the financial objectives of a not-for-profit organisation such as a large charity. (11 marks) (ACCA F9 Financial Management December 2011 Q4(d)) V. Stakeholders 20. Stakeholders can be classified as internal, connected or external. Which of the following is an external stakeholder? A Shareholders B Customers C Bankers D Government Question 3 Stakeholders interest Private sector companies have multiple stakeholders who are likely to have divergent interests. Required: Identify five stakeholder groups and briefly discuss their financial and other objectives. (12 marks) VI. Agency problem 21. The agency problem is a driving force behind the growing importance attached to sound corporate governance. In this context, the agents are the: A Customers B Shareholders C Managers D Auditors 22. Which of the following is a problem associated with managerial reward schemes? A By rewarding performance, an effective scheme creates an organisation focused on continuous improvement B Schemes based on shares can motivate employees/managers to act in the long-term interests of the company C Self-interested performance may be encouraged at the expense of team work D Effective schemes attract and keep the employees valuable to an organisation 23. Which of the following are typical criticisms of executive share option schemes (ESOPs)? 1. When directors exercise their options, they tend to sell the shares almost immediately to cash in on their profits. 2. If the share price falls when options have been awarded, and the options have no value, they cannot act as an incentive. 3. Directors may distort reported profits to protect the share price and the value of their share options. A 1 only B 1 and 3 only C 2 and 3 only D 1, 2 and 3 Question 4 Agency problem At a recent board meeting of Dartig Co, a non-executive director suggested that the companys remuneration committee should consider scrapping the companys current share option scheme, since executive directors could be rewarded by the scheme even when they did not perform well. A second non-executive director disagreed, saying the problem was that even when directors acted in ways which decreased the agency problem, they might not be rewarded by the share option scheme if the stock market were in decline. Required: Explain the nature of the agency problem and discuss the use of share option schemes as a way of reducing the agency problem in a stock-market listed company such as Dartig Co. (8 marks) (ACCA F9 Financial Management December 2008 Q1(e)) Question 5 Agency problem for SMEs Discuss the reasons why small and medium-sized entities (SMEs) might experience less conflict between the objectives of shareholders and directors than large listed companies. (4 marks) (ACCA F9 Financial Management June 2012 Q3(a)) Chapter 2 Financial Management Environment Multiple Choice Questions I. Macroeconomic targets and government policies 1. The following statements have been made about inflation: Statement 1: Inflation leads to a distribution of income and wealth. Statement 2: If a country has a higher rate of inflation than its partners, its imports become relatively more expensive and its exports become relatively cheaper. Which of the above statements is true? A Both of them B Statement 1 only C Statement 2 only D Neither of them 2. Which of the following is (are) among the elements of fiscal policy? 1 Government actions to raise or lower the size of the money supply 2 Government actions to raise or lower taxes 3 Government actions to raise or lower the amount it spends A 2 only B 1 and 3 only C 2 and 3 only D 1, 2 and 3 3. The principal objectives of macroeconomic policy include which of the following? 1 Full employment of resources 2 Price stability 3 Economic growth 4 Balancing the government budget A 1 and 2 only B 1 and 3 only C 1, 2 and 3 only D 1, 2, 3 and 4 4. Governments have a number of economic targets as part of their monetary policy. Which of the following targets relate predominantly to monetary policy? 1 Controlling the growth in the size of the money supply 2 Increasing tax revenue 3 Keeping interest rates low 4 Reducing public expenditure A 1 only B 1 and 3 only C 2 and 4 only D 2, 3 and 4 only 5. Governments have a number of economic targets as part of their monetary policy. Which of the following targets relate predominantly to monetary policy? 1 Increasing tax revenue 2 Controlling the growth in the size of the money supply 3 Reducing public expenditure 4 Keeping interest rates low A 1 only B 1 and 3 C 2 and 4 only D 2, 3 and 4 (ACCA F9 Financial Management Pilot Paper 2014) 6. A government has adopted a contractionary fiscal policy. How would this typically affect businesses? A Higher interest rates and higher inflation B Lower taxes and higher government subsidies C Higher taxes and lower government subsidies D Lower inflation and lower interest rate 7. A government follows an expansionary monetary policy. How would this typically affect businesses? A Higher demand from customers, lower interest rates on loans and increased availability of credit B A contraction in demand from customers, higher interest rates and less available credit C Lower taxes, higher demand from customers but less government subsidies/available contracts D Lower interest rates, lower exchange rates and higher tax rates 8. As the economy booms and approaches the limits of productivity at a point in time, a manufacturing business would typically feel which one of the following effects? A Increased inflation (higher sales prices and higher costs), difficulty in finding suitable candidates to fill roles and higher interest rates B High export demand, increasing growth rates, high inflation and high interest rates C Reducing inflation, falling demand, reducing investment, increasing unemployment D Higher government spending, lower tax rates, high inflation and low unemployment 9. Changes in monetary policy will influence which of the following factors? 1 The level of exchange rates 2 The cost of finance 3 The level of consumer demand 4 The level of inflation A 1 and 2 only B 2 and 3 only C 2, 3 and 4 only D 1, 2,3 and 4 10. Comment on the validity of the following statements. 1 Demand-pull inflation might occur when excess aggregate monetary demand in the economy and hence demand for particular goods and services enable companies to raise prices and expand profit margins 2 Cost-push inflation will occur when there are increases in production costs independent of the state of demand, e.g. rising raw material costs or rising labour costs A Statement 1: True Statement 2: False B Statement 1: True Statement 2: True C Statement 1: False Statement 2: False D Statement 1: False Statement 2: True II. Financial institutions 11. The following statements have been made about a banks rights in relation to its customers: (i) The bank has the right to be repaid overdrawn balances on demand, except where the overdraft terms require a period of notice. (ii) The bank can use the customers money in any legally or morally acceptable way that it chooses. (iii) A customers money must always be available for immediate withdrawal, irrespective of the terms of the deposit. Which of the above statements is true? A (i) and (ii) only B (i), (ii) and (iii) C (i) and (iii) only D (ii) and (iii) only 12. Which of the following is/are usually seen as benefits of financial intermediation? 1 Interest rate fixing 2 Risk pooling 3 Maturity transformation A 1 only B 1 and 3 only C 2 and 3 only D 1, 2 and 3 (ACCA F9 Financial Management Pilot Paper 2014) Question 6 Role of financial intermediaries Discuss the role of financial intermediaries in providing short-term finance for use by business organisations. (4 marks) (ACCA F9 Financial Management December 2009 Q4(a)) III. Financial markets 13. Which of the following are ALL money market instruments? A cheques, certificates of deposit, deposits B bills, certificates of deposit and cash C bills, certificates of deposit and deposits D cash, cheques and bills 14. Which of the following are money market instruments? 1 Certificate of deposit 2 Corporate bond 3 Commercial paper 4 Treasury bill A 1, 2 and 4 only B 1 and 3 only C 1, 3 and 4 only D 1, 2, 3 and 4 15. Comment on the validity of the following statements. 1 Speculative trading on the stock market can assist by smoothing price fluctuations and ensuring shares are readily marketable. 2 A key role of the stock market is to determine a fair price for the assets traded A Statement 1: True Statement 2: False B Statement 1: True Statement 2: True C Statement 1: False Statement 2: False D Statement 1: False Statement 2: True 16. Which of the following is NOT a key role played by money markets? A Allowing an organization to manage its exposure to foreign currency risk and interest rate risk. B Dealing in long-term funds and transactions C Providing short-term liquidity to companies, banks and the public sector D Providing short term trade finance 17. AB plc, a company listed in UK and Australia, decides to issue unsecured US dollar bonds in Australia. What are these bonds referred to as? A Junk bonds B Commercial paper C Eurobonds D Intercontinental bills 18. Comment on the validity of the following statements. 1 A Eurobond is a bond issued in more than one country simultaneously, denominated in a currency other than the national currency of the issuer 2 Eurocurrency is money deposited with a bank outside its country of origin A Statement 1: True Statement 2: False B Statement 1: False Statement 2: True C Statement 1: False Statement 2: False D Statement 1: True Statement 2: True 19. Which of the following statements are features of money market instruments? 1 A negotiable security can be sold before maturity 2 The yield on commercial paper is usually lower than that on treasury bills 3 Discount instruments trade at less than face value A 2 only B 1 and 3 only C 2 and 3 only D 1, 2 and 3 (ACCA F9 Financial Management Pilot Paper 2014) 20. Which of the following is a difference between primary and secondary capital market? A Primary capital markets relate to the sale of new securities, while secondary capital markets are where securities trade after their initial offering. B Both primary and secondary capital markets relate to where securities are traded after their initial offering. C Both primary and secondary capital markets relate to the sale of new securities D Primary markets are where stocks trade and secondary markets are where loan notes trade 21. There are two main types of financial market: capital market and money markets, and within each of these are primary and secondary markets. Which of the following statements is FALSE? A Primary markets allow the realization of investments before their maturity date by selling them to other investors B Primary markets deal in new issues of loanable funds C Capital markets consist of stock markets for shares and loan bond markets D Money markets provide short-term debt finance and investment 22. Which of the following is FALSE, in relation to certificates of deposit? A They are evidence of a deposit with an issuing bank B They are not negotiable and therefore unattractive to the depositor as they do not ensure instant liquidity C They provide the bank with a deposit for a fixed period at a fixed of interest D They are coupon-bearing securities 23. Rank the following from highest risk to lowest risk from the investors perspective. 1 Preference share 2 Treasury bill 3 Corporate bond 4 Ordinary share A 1, 4, 3, 2 B 1, 4, 2, 3 C 4, 2, 1, 3 D 4, 1, 3, 2 Question 7 Functions of capital markets List and explain the major functions performed by the capital markets. (5 marks) IV. Corporate Governance 24. The director/shareholder conflict has been addressed by the requirements of a number of corporate governance codes. Which of the following is NOT true? A At least 60% of the members of the board, excluding the chairman, should be independent non-executive directors B All directors should submit themselves for re-election at least every three years C There should be clear disclosure of directors emoluments D Non-executive directors should not hold share option in their company 25. The main purpose of corporate governance is: A To separate ownership and management control of organizations B To maximize shareholder value C To facilitate effective management of organizations and to make organizations more visibly accountable to a wider range of stakeholders D To ensure that regulatory frameworks are adhered to 26. Which of the following does NOT form part of the objectives of a corporate governance best practice framework? A Separation of chairperson and CEO roles B Establishment of audit, nomination and remuneration committees C Minimisation of risk D Employment of non-executive directors 27. The combined code states that all directors should be required to submit themselves for re-selection: A Annually B At least every two years C At least every three years D At least every four years 28. The Combined Code states that each listed company should provide, within its annual report and accounts, a corporate governance report that includes: 1. 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