NO.1 An art history museum has recently finished renovating its new location. Before the move, the
treasurer considers purchasing additional insurance to protect the art during transit. What form of
additional insurance should the treasurer choose?
A. Difference in conditions (DIC)
B. Business interruption
C. Special multi-peril (SMP)
D. General liability
Answer: A


NO.2 What do MOST companies try to maintain due to the signaling effect and clientele effect?
A. A stable policy of retained earnings
B. A consistent payment date
C. A stable dividend policy
D. A dividend reinvestment plan
Answer: C


NO.3 Company A purchases materials on cash-before-delivery terms, while Company B uses paid-
on-production terms. Both companies are diligent with the protection of assets, but Company B has
concerns with respect to transfer of title of the materials. Company B is MOST LIKELY what type of
A. Retailer
B. Manufacturer
C. Supplier
D. Wholesaler
Answer: B


NO.4 An investor concerned about taxes on dividend distributions will MOST LIKELY purchase stock
on which of the following dates?
A. Record date
B. Ex-dividend date
C. Payment date
D. Declaration date
Answer: B


NO.5 If a company has $126 million in debt at an average cost of 7% and $234 million in equity at a
cost of 11%, what is its weighted average cost of capital, assuming a marginal tax rate of 35% and a
risk-adjusted rate of 13%?
A. 8.7%
B. 10.0%
C. 10.9%
D. 9.6%
Answer: A

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NO.6 With the advent of the euro, many U.S. companies have seen a reduction in their number of
foreign currency transactions. As a result, these U.S. companies have benefited from which of the
I. Reduced FX transaction costs
II. Consolidated banking relationships
III. Simplified exchange risk management
Reduced need to monitor foreign political climates
A. I, III, and IV
B. II and III
C. I, II, and III
D. I and II
Answer: C

NO.7 A good credit rating has which of the following effects on debt?
I. Improved marketability
II. Decreased cost of funds
III. Decreased maturity
Increased dealer fees
A. I and IV
B. I and II
C. I, II, and III
D. II and III
Answer: B


NO.8 The following information about a company is at the end of its fiscal year.
The before-tax cost of long-term debt is 10% and the cost of equity is 12%. The marginal tax rate is
35%. The company's current ratio is:
A. 0.93.
B. 0.59.
C. 0.46.
D. 1.37.
Answer: D



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投稿日: 2016/2/19 19:31:50  |  カテゴリー: AFP  |  タグ: CTP資格受験料AFP