2026 CIMA Unparalleled Exam F3 Success

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The CIMA F3 Exam is three hours long and is computer-based. It is available in various languages and can be taken at any of the CIMA test centers worldwide. Candidates who pass the exam are awarded the CIMA Certificate in Business Accounting.

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CIMA F3 Financial Strategy Sample Questions (Q208-Q213):

NEW QUESTION # 208
Company WWW is considering making a takeover bid for Company KKA Company KKA's current share price is $5.00 Company WWW is considering either
" A cash payment of $5.75 for each share in Company KKA
" A 5 year corporate bond with a market value of $90 in exchange for 15 shares in Company KKA Calculate the highest percentage premium which Company KKA shareholders will receive.

Answer: D

Explanation:
Current KKA share price = $5.00
Cash offer: $5.75 per share
Premium = (5.75 # 5.00) / 5.00 = 0.75 / 5 = 15%
Bond offer: market value $90 bond for 15 KKA shares
Value per KKA share = 90 / 15 = $6.00
Premium = (6.00 # 5.00) / 5.00 = 1 / 5 = 20%
The highest premium is therefore 20% on the bond offer, i.e. option B.


NEW QUESTION # 209
Companies A, B, C and D:
* are based in a country that uses the K$ as its currency.
* have an objective to grow operating profit year on year.
* have the same total levels of revenue and cost.
* trade with companies or individuals in the eurozone. All import and export trade with companies or individuals in the eurozone is priced in EUR.
Typical import/export trade for each company in a year are as follows:

Which company's growth objective is most sensitive to a movement in the EUR/K$ exchange rate?

Answer: C

Explanation:
Under CIMA F3 (Financial Strategy), sensitivity of operating profit to exchange-rate movements is assessed using transaction exposure: where revenues/costs are denominated in a foreign currency, the home-currency value of those cash flows changes when the exchange rate moves. Because all four companies have the same total revenue and cost levels in K$, the company whose net EUR cash flow is largest (in absolute terms) will have the greatest potential impact on operating profit growth when the EUR/K$ rate changes.
Treat exports as EUR inflows and imports as EUR outflows. Compute each company's net EUR position:
Company A: EUR exports 20 # EUR imports 10 = +10 (net EUR receivable)
Company B: EUR exports 18 # EUR imports 0 = +18 (net EUR receivable)
Company C: EUR exports 21 # EUR imports 25 = #4 (net EUR payable)
Company D: EUR exports 0 # EUR imports 15 = #15 (net EUR payable)
Now compare absolute exposures: |+10|, |+18|, |#4|, |#15| # largest is 18 for Company B. Therefore, Company B's operating profit (and hence its year-on-year growth objective) is most sensitive to movements in the EUR
/K$ exchange rate, because the K$ value of its EUR-denominated net inflows will vary the most as rates change.


NEW QUESTION # 210
Which THREE of the following methods of business valuation would give a valuation of the equity of an entity, rather than the value of the whole entity?

Answer: C,D,E

Explanation:
We want methods that give the value of equity, not the value of the whole entity.
A). D# / (k# - g) # Gordon growth dividend model = value of equity (share value). #
B). Total earnings × P/E # market capitalisation = equity value. #
C). Free cash flows to all investors discounted at WACC # enterprise / firm value (equity + debt). #
D). Free cash flows to equity discounted at cost of equity # equity value. #
E). NCA + CA # CL # value of net assets before deducting long-term debt, i.e. value of the business to all capital providers, not just equity. # So correct choices: A, B, D.


NEW QUESTION # 211
BBA is a wholly owned subsidiary of AAB BBA operates in country B where the currency is the B$.
The following is an extract from BBA's financial statements at 31 December 20X1:

The following Information is relevant:
" The bonds were trading at $110 per $100 on 31 December 20X1. "Operating profit of BBA for the year ended 31 December 20X1 was S15 million
* The P/E ratio is 8
* Corporate income tax rate is 20%.
The tax authorities m country B Implemented thin capitalisation rules based on the level of gearing of the subsidiary, calculated as book value o( debt lo book value of equity The cut-off point for gearing used by the tax authorities for a company to be thinly capitalised is 75%.
Which of the following statements is correct as at 31 December 20X1?

Answer: D


NEW QUESTION # 212
CI IJ has decided to move its production plant to overseas country X. This would make the product cheaper to produce. The technology used to make the product is very advanced and some of the skilled staff would have to move to country X.
The Production Director has identified that there are some political risks in moving to county X.
For each of the political risks of moving to country X shown below, select the correct method for reducing the risk.

Answer:

Explanation:

Explanation:

"The government of country X could refuse to grant visas to GHJ's staff who need to move to country X."
# Method: Employ at least 80% local people in the production plant
Relying mainly on local employees reduces dependence on foreign staff and makes visa refusal less damaging and less likely politically.
"The government of country X could introduce high taxes for outside companies which would make it difficult for GHJ to continue production in country X."
# Method: Take out a loan with a bank in country X
Local banks become important stakeholders. If high taxes threaten GHJ's viability and ability to service the loan, the local bank has an incentive to lobby the government, reducing this political risk.
"Local staff could find out how to make the product and use that knowledge to start a production plant of their own."
# Method: Import partly completed products from GHJ's home country
Keeping key stages of production or core technology in the home country limits how much know-how local staff can copy.
"The government of country X could refuse to renew visas for staff brought from GHJ's home country."
# Method: Employ at least 80% local people in the production plant
Again, the more the operation depends on local staff, the less vulnerable it is to visa non-renewal and the more politically acceptable the operation is.


NEW QUESTION # 213
......

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