Faculty of Actuaries Institute of Actuaries
EXAMINATIONS
April 1999
Subject B — Economics and Finance
Paper Two
Time allowed: Three hours
INSTRUCTIONS TO THE CANDIDATE
1. Write your surname in full, the initials of your other names and your
Candidate’s Number on the front of the answer booklet.
2. Begin your answers to Parts One, Two and Three on a separate sheet.
3. Mark allocations are shown in brackets.
4. Attempt all 32 questions.
Graph paper is not required for this paper.
AT THE END OF THE EXAMINATION
Hand in BOTH your answer booklet and this question paper.
In addition to this paper you should have available
Actuarial Tables and an electronic calculator.
ã Faculty of Actuaries
B2—A99 ã Institute of Actuaries
B2(A)—2
PART ONE
For questions 1–14 indicate in your answer booklet which one of the answers A, B, C or
D is correct.
The following information relates to Questions 1–3:
The following information was extracted from the books of Miss Fitt at 31 December
1998.
£
Sales 18,955
Cost of sales 11,334
Salaries and Wages 2,447
Motor Expenses 664
Rent 456
Rates 120
Insurance 146
Packing Expenses 276
Lighting and Heating Expenses 665
Sundry Expenses 115
Motor Vehicles 2,400
Fixtures and Fittings 600
Stock as at 31 December 1998 4,998
Debtors 4,577
Creditors 3,045
Cash in bank 3,876
Cash in hand 120
Capital 10,794
Ignore depreciation on fixed assets.
1 The current liabilities figure in the balance sheet at 31.12.98 will be:
A £2,939
B £3,045
C £3,151
D £15,885 [1]
2 The fixed assets figure as at 31.12.98 will be:
A £3,000
B £10,974
C £18,536
D £29,330 [2]
B2(A)—3 PLEASE TURN OVER
3 The net profit for the year to 31.12.98 will be:
A £2,481
B £2,681
C £2,732
D £4,940 [3]
4 Tom holds 20,000 £1 shares in a limited company. These are 75% paid up. If
the company goes into liquidation, the maximum amount of cash that Tom
could be asked to contribute towards the settlement of the company’s debts is:
A zero
B £5,000
C £15,000
D £20,000 [1]
5 Eurobond markets are regulated by:
A The London Stock Exchange
B The Bank of England
C The European Union
D None of the above [1]
6 The largest proportion of the funds invested on the Stock Exchange come
from:
A individuals
B investment trusts
C pension funds
D unit trusts [1]
7 Sarah wishes to create a limited company. Which of the following would
prevent her from incorporating it as a public limited company?
A she has only three fellow investors, giving a total of only four
shareholders
B she and her fellow investors cannot afford to contribute £50,000 of share
capital
C neither she nor her fellow investors have prior experience of being on
the board of a limited company
D she is not seeking a Stock Exchange quotation for the company [1]
B2(A)—4
8 A company must raise medium term finance in order to acquire a new
machine. Which of the following is most likely to require that additional
security should be pledged by the company?
A lease the machine from a finance company
B purchase the machine on hire purchase from the supplier
C borrow the cost of the machine from a bank
D purchase the machine by cheq [1] [2] [3] [4] 下一页 |
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