Free IMANET CMA Exam Actual Questions

The questions for CMA were last updated On Apr 25, 2025

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Question No. 1

A company has sales of $500,000, variable costs of $300,000, and pretax profit of $150,000. If the company increased the sales price per unit by 10%, reduced fixed costs by 20%1 and left variable cost per unit unchanged1 what would be the new breakeven point in sales dollars?

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Correct Answer: A

The breakeven point in sales dollars is equal to the sum of fixed costs plus any desired pretax profit, divided by the contribution margin ratio [(sales---variable costs) sales]. Fixed cost was $50,000 ($500,000 sales---$300,000 VC---$150,000 pretax profit). Given the increase in sales of 10% and decrease in fixed costs of 20%, the breakeven point in sales is $88,000.


Question No. 2

Since Marsh, Inc. is experiencing a sharp increase in sales activity and a steady increase in production, the management of Marsh has adopted an aggressive working capital policy. Therefore, the company's current level of net working capital

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Correct Answer: B

When a firm has an aggressive working capital policy, management keeps the investment in working capital at a minimum. Thus, a growing company would want to invest its funds in capital goods and not in idle assets. This policy maximizes return on investment at the price of the risk of minimal liquidity.


Question No. 3

What strategy induces intermediaries to promote and sell the firm's products?

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Correct Answer: B

One issue in distribution channel design is the degree of emphasis on a push strategy versus a pull strategy. A push strategy uses the firm's sales force and sales promotion resources to persuade channel intermediaries to stock, promote, and sell the firm's products. It is indicated Vivien customers have little brand loyal, impulse buying is common, and the benefits of me product are well known.


Question No. 4

Randy, Inc. can issue 3-month commercial paper with a face value of $1, 500,000 for $1 ,450,000. Transaction costs will be $1,500. The effective annualized percentage cost of the financing, based on a 360-day year, will be

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Correct Answer: C

The total cost to the company will be $51,500 ($50000 discount+ $1,500 of transaction costs), and the net amount available will be $1,448,500. The annualized amount of the costs is $206,000 ($51,500 x 4). Accordingly, the annual interest cost will be 14.22% ($206,000 + $1,448,500).


Question No. 5

An organization's policies and procedures are part of its overall system of internal controls. The control function performed by policies and procedures is

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Correct Answer: A

Feedforward control anticipates and prevents problems. Policies and procedures serve as feed-forward control because they provide guidance on how activity should be performed to best insure that an objective is achieved.