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Free CFA Corporate Issuers Practice Questions & Answers

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Question 91

A firm’s cost of debt falls despite rising interest rates. Which internal factor explains this?

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Question 92

A firm’s synthetic rating improves even though leverage rises. Which factor explains this?

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Question 93

A company with high ESG governance risk is most likely to experience:

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Question 94

A firm’s cost of equity rises even though beta is unchanged. Which factor explains this?

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Question 95

A company’s EV falls even though market cap rises. Which factor explains this?

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Question 96

A firm’s credit spread narrows even though leverage rises. Which factor explains this?

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Question 97

A company’s cost of debt rises even though interest rates fall. Which factor explains this?

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Question 98

A company’s cost of capital rises even though its tax rate increases. Which factor explains this?

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Question 99

A company acquires a target using mostly debt. The combined entity’s debt‑to‑EBITDA jumps from 2.5× to 4.7×. Which immediate effect is most likely before synergies appear?

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Question 100

A company’s synthetic credit rating improves even though its leverage ratio is unchanged. Which internal shift most likely explains this?

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Question 101

A firm estimates its cost of equity using CAPM, FF5, and a build‑up model. The build‑up estimate is highest. Which factor most likely explains the difference?

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Question 102

A company’s dividend appears safe based on earnings coverage, but its capital spending has been cut below maintenance levels. Which risk is most relevant?

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Question 103

A firm estimates ERP using historical data. The estimate is biased downward. Which methodological choice most likely caused this?

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Question 104

A company with 60% intangible assets and high customer concentration seeks financing. Which adjustment is most appropriate in its cost of equity?

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Question 105

A company’s WACC falls even though its cost of equity rises. Which structural change most likely explains this?

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Question 106

A company with weak governance and high NPL ratios is being analyzed. Which adjustment is most appropriate?

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Question 107

A firm’s synthetic rating worsens even though leverage falls. Which factor explains this?

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Question 108

A company finances an acquisition with a mix of stock and debt. The stock portion is larger than expected. Which outcome becomes more likely?

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Question 109

A firm’s synthetic credit rating improves even though its debt‑to‑assets ratio is unchanged. Which factor most likely explains this?

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Question 110

A company estimates its cost of equity using a multi‑factor model. Exposure to the “investment” factor is strongly negative. What does this imply?

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Question 111

A firm’s dividend appears safe based on free cash flow, but its interest coverage is deteriorating. Which risk is most relevant?

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Question 112

A firm with high intangible assets and low tangible collateral seeks new debt. Which adjustment is most appropriate?

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Question 113

A company’s WACC rises even though its cost of debt falls. Which structural change explains this?

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Question 114

A firm’s cost of debt rises even though leverage falls. Which factor explains this?

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Question 115

A firm’s synthetic rating improves even though EBITDA is unchanged. Which factor explains this?

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Question 116

A company with weak governance and rising NPLs is being valued. Which adjustment is most appropriate?

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Question 117

A firm’s free cash flow rises even though net income falls. Which factor explains this?

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Question 118

A firm’s cost of equity rises even though its beta falls. Which factor explains this?

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Question 119

A firm’s credit spread narrows even though interest coverage falls. Which factor explains this?

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Question 120

A company’s cost of debt rises even though leverage falls. Which factor explains this?

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Free CFA Corporate Issuers Practice Questions & Answers

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