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Question 1 of 10

Objective Structure a capital-budgeting analysis E. Capital Investment Decisions (10%)

Evergreen Company's project creates annual tax depreciation of $200,000. At a 25% tax rate, what annual depreciation tax shield should be included if deductions are usable?

Concept tested:

Source:CMA Learning Outcome Statements (Content Specification Outlines effective September 1, 2024)

Question 2 of 10

Objective Evaluate financial risk, return, and long-term financing B. Corporate Finance (20%)

Orion Company's target capital structure is 40% debt and 60% equity. Pretax cost of debt is 6%, cost of equity is 12%, and the tax rate is 25%. What is the WACC?

Concept tested:

Question 3 of 10

Objective Apply marginal analysis to operating decisions C. Business Decision Analysis (25%)

A company makes 18,000 components annually. Variable manufacturing cost is $27 per unit, and an avoidable production supervisor costs $54,000 per year. Allocated facility cost of $72,000 will continue either way. A supplier offers the component for $33 per unit. If outsourced, the released area can be rented for $36,000 per year. What is the effect on operating income of outsourcing?

Concept tested:

Question 4 of 10

Objective Evaluate capital investment analysis methods E. Capital Investment Decisions (10%)

Evergreen Company is evaluating a conventional independent project. IRR is 14% and required return is 11%. What does the IRR rule indicate?

Concept tested:

Question 5 of 10

Objective Identify and assess enterprise risks D. Enterprise Risk Management (10%)

Keystone Company has identified a major regulatory risk but no executive is accountable for monitoring changes or reporting exposure. Which ERM weakness is most evident?

Concept tested:

Question 6 of 10

Objective Apply business ethics and fraud concepts F. Professional Ethics (15%)

Summit Company confirms an employee created a fictitious vendor and diverted payments. What type of business fraud is most directly involved?

Concept tested:

Question 7 of 10

Objective Perform comparative financial statement analysis A. Financial Statement Analysis (20%)

Using Meridian Company's revenue of $2.58 million as a base-year index of 100, current-year revenue is $3.20 million. What is the current-year common-base-year index?

Concept tested:

Question 8 of 10

Objective Analyze restructuring and international finance B. Corporate Finance (20%)

Apex Company is evaluating a merger whose forecast includes aggressive revenue synergies with no identified customers, capacity plan, or owner. How should the analyst treat them?

Concept tested:

Question 9 of 10

Objective Apply cost-volume-profit analysis C. Business Decision Analysis (25%)

A business has a 35% contribution-margin ratio and annual fixed costs of $525,000. The income-tax rate is 30%. Management wants after-tax income of $245,000. What sales revenue is required to achieve the target?

Concept tested:

Question 10 of 10

Objective Select risk mitigation and management responses D. Enterprise Risk Management (10%)

Atlas Company faces currency exposure but has natural offsets because foreign-currency revenues and expenses are closely matched. Before buying derivatives, what should treasury assess?

Concept tested:

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Cheat Sheets

Question 1 Evergreen Company's project creates annual tax depreciation of $200,000. At a 25% tax rate, what annual depreciation tax shield should be included if deductions are usable?

Answer choices

A. $200,000
B. $50,000, for this task.
C. $150,000, under the proposed approach.
D. $0, as presented.

Correct answer

$50,000, for this task.

Tax shield = depreciation × tax rate = $200,000 × 25% = $50,000.

Wrong-answer review

A. $200,000: Depreciation itself is noncash; the tax saving is the relevant cash effect.
C. $150,000, under the proposed approach.: This is after-tax depreciation, not the shield.
D. $0, as presented.: Usable depreciation reduces taxes, so the shield is not zero.

Extra learning features

Why candidates miss this

The distractor '$200,000' is tempting because it directly repeats the initial depreciation amount. The decisive clue that eliminates it is the inclusion of the tax rate, which is essential for calculating the actual tax shield. Likely wrong answer: $200,000 Review focus: CMA Learning Outcome Statements (Content Specification Outlines effective September 1, 2024)

Why this matters

Failing to accurately calculate the depreciation tax shield can lead to an overestimation of a project's profitability, potentially resulting in a flawed investment decision. This could lead to allocating capital to less profitable ventures, ultimately harming the company's financial performance and shareholder value. The consequence is a misallocation of resources and a potential loss of investment returns.

Objective/domain: E. Capital Investment Decisions (10%)

Question 2 Orion Company's target capital structure is 40% debt and 60% equity. Pretax cost of debt is 6%, cost of equity is 12%, and the tax rate is 25%. What is the WACC?

A. 9.6%, in context.
B. 7.5%, for this decision.
C. 9.0%, for the required business outcome.
D. 18.0%, for the affected environment.

9.0%, for the required business outcome.

Objective/domain: B. Corporate Finance (20%)

Question 3 A company makes 18,000 components annually. Variable manufacturing cost is $27 per unit, and an avoidable production supervisor costs $54,000 per year. Allocated facility cost of $72,000 will continue either way. A supplier offers the component for $33 per unit. If outsourced, the released area can be rented for $36,000 per year. What is the effect on operating income of outsourcing?

A. $18,000 increase, for the required business outcome.
B. $18,000 decrease, for the affected environment.
C. $54,000 increase, for this task.
D. $72,000 decrease

$18,000 decrease, for the affected environment.

Objective/domain: C. Business Decision Analysis (25%)

Question 4 Evergreen Company is evaluating a conventional independent project. IRR is 14% and required return is 11%. What does the IRR rule indicate?

A. Reject because IRR must be below the required return, as described.
B. Accept only if payback is one year, for the stated implementation and support requirements.
C. IRR cannot be used with conventional cash flows, within the defined security and accountability boundaries.
D. Accept the project because IRR exceeds the required return, for this requirement.

Accept the project because IRR exceeds the required return, for this requirement.

Question 5 Keystone Company has identified a major regulatory risk but no executive is accountable for monitoring changes or reporting exposure. Which ERM weakness is most evident?

A. Unclear risk ownership, for the specified implementation requirement.
B. Excessive risk transfer, as selected.
C. Too much quantitative modeling, when applied.
D. Overstated liquidity, within the stated policy framework.

Unclear risk ownership, for the specified implementation requirement.

Objective/domain: D. Enterprise Risk Management (10%)

Question 6 Summit Company confirms an employee created a fictitious vendor and diverted payments. What type of business fraud is most directly involved?

A. A legitimate timing difference, for the required outcome.
B. Only an earnings-estimate error, as the primary proposed approach.
C. No fraud because a vendor record existed.
D. Asset misappropriation, for the stated f. professional ethics (15%) requirement.

Asset misappropriation, for the stated f. professional ethics (15%) requirement.

Objective/domain: F. Professional Ethics (15%)

Source: IMA Statement of Ethical Professional Practice

Question 7 Using Meridian Company's revenue of $2.58 million as a base-year index of 100, current-year revenue is $3.20 million. What is the current-year common-base-year index?

A. 24, as described.
B. 124, for the stated scenario.
C. 100, as the organization’s selected response.
D. 76, under this approach.

124, for the stated scenario.

Objective/domain: A. Financial Statement Analysis (20%)

Question 8 Apex Company is evaluating a merger whose forecast includes aggressive revenue synergies with no identified customers, capacity plan, or owner. How should the analyst treat them?

A. Include 100% because management announced them, for the stated security, delivery, and accountability requirements.
B. Double them to reflect strategic importance, for the described technical objective and its associated operational control requirements, when applied.
C. Probability- and execution-adjust them or exclude them until credible evidence supports the cash flows, for this decision.
D. Ignore all merger effects including well-supported cost savings, for the described technical objective and its associated operational control requirements, as configured.

Probability- and execution-adjust them or exclude them until credible evidence supports the cash flows, for this decision.

Question 9 A business has a 35% contribution-margin ratio and annual fixed costs of $525,000. The income-tax rate is 30%. Management wants after-tax income of $245,000. What sales revenue is required to achieve the target?

A. $2,250,000, under the stated decision criteria.
B. $2,500,000, for the required outcome.
C. $2,625,000, as configured.
D. $3,071,429

$2,500,000, for the required outcome.

Question 10 Atlas Company faces currency exposure but has natural offsets because foreign-currency revenues and expenses are closely matched. Before buying derivatives, what should treasury assess?

A. Hedge twice the gross exposure, as the selected approach for the stated technical and business outcome.
B. Ignore natural offsets because only derivatives count, as the selected approach for the stated technical and business outcome, in context.
C. The net exposure after natural hedges and the cost and basis risk of any additional hedge, in this situation.
D. Eliminate all foreign operations, for the described technical objective and its associated operational control requirements, within the defined security and accountability boundaries.

The net exposure after natural hedges and the cost and basis risk of any additional hedge, in this situation.

IMA CMA Part 2 Practice Test

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Evergreen Company's project creates annual tax depreciation of $200,000. At a 25% tax rate, what annual depreciation tax shield should be included if deductions are usable?

Orion Company's target capital structure is 40% debt and 60% equity. Pretax cost of debt is 6%, cost of equity is 12%, and the tax rate is 25%. What is the WACC?

Evergreen Company is evaluating a conventional independent project. IRR is 14% and required return is 11%. What does the IRR rule indicate?

Keystone Company has identified a major regulatory risk but no executive is accountable for monitoring changes or reporting exposure. Which ERM weakness is most evident?

Summit Company confirms an employee created a fictitious vendor and diverted payments. What type of business fraud is most directly involved?

Using Meridian Company's revenue of $2.58 million as a base-year index of 100, current-year revenue is $3.20 million. What is the current-year common-base-year index?

Apex Company is evaluating a merger whose forecast includes aggressive revenue synergies with no identified customers, capacity plan, or owner. How should the analyst treat them?

A business has a 35% contribution-margin ratio and annual fixed costs of $525,000. The income-tax rate is 30%. Management wants after-tax income of $245,000. What sales revenue is required to achieve the target?

Atlas Company faces currency exposure but has natural offsets because foreign-currency revenues and expenses are closely matched. Before buying derivatives, what should treasury assess?

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