US Certified Management Accountant (IMA) · CMA exam
CMA P2 Part 2 · Strategic Financial Management: mock exams and practice questions
448 original exam-style questions for CMA P2 Part 2 · Strategic Financial Management, with full timed mock exams in the real format and an explanation for every answer. Free for everyone until 31 January 2027.
- 448practice questions
- 6syllabus areas
- 4 hours: 100 multiple-choice questions in 3 hoursfull mock, like the real exam
CMA P2 exam format
4 hours: 100 multiple-choice questions in 3 hours, then 2 case-based questions in 1 hour. You need at least 50% on the multiple-choice section for the case-based questions to count. The pass mark is 72%.
| Section | Format | Marks |
|---|---|---|
| Section A | 100 four-option multiple-choice questions (3 hours) | 100 |
| Section B | 2 case-based questions, about 6 tasks each: numeric entry, multiple select, drag and drop (1 hour) | 34 |
| Total | 134 |
Syllabus areas covered
- Financial Statement Analysis98 questions
- Corporate Finance92 questions
- Decision Analysis106 questions
- Risk Management46 questions
- Investment Decisions46 questions
- Professional Ethics60 questions
Try 3 free CMA P2 questions
Real Fincora questions, with the full explanation. Sign up free for the full bank and timed mocks.
Sample question 1 · Financial Statement Analysis
A common-size balance sheet for Pellmont Co. shows current assets at 40% of total assets, inventory at 15% of total assets and current liabilities at 25% of total assets. Current assets consist only of cash, marketable securities, accounts receivable and inventory. What is Pellmont's quick (acid-test) ratio?
- A 1.00
- B 1.60
- C 0.60
- D 0.63
Show the answer
Answer: A. Common-size percentages can be used directly because every item has the same base (total assets).
Quick assets = cash + marketable securities + receivables = current assets − inventory = 40% − 15% = 25%.
Quick ratio = 25% / 25% = 1.00.
Sample question 2 · Corporate Finance
The risk-free rate is 4%, the expected return on the market portfolio is 10%, and Norland Corp.'s stock has a beta of 1.3. Using the capital asset pricing model, what is Norland's required rate of return?
- A 17.0%
- B 11.8%
- C 13.0%
- D 7.8%
Show the answer
Answer: B. Market risk premium = 10% − 4% = 6%.
Required return = rf + β × (Rm − rf) = 4% + 1.3 × 6% = 4% + 7.8% = 11.8%.
Sample question 3 · Decision Analysis
Corvane Ltd. makes a single product that sells for $48 per unit. Variable manufacturing cost is $24 per unit and a sales commission of $6 per unit is paid on every unit sold. Annual fixed costs are $243,000. What is Corvane's breakeven point in units?
- A 10,125 units
- B 8,100 units
- C 13,500 units
- D 5,063 units
Show the answer
Answer: C. Breakeven units = Fixed costs / Contribution margin per unit.
Contribution margin per unit = $48 - $24 - $6 = $18 (the sales commission is a variable cost).
Breakeven = $243,000 / $18 = 13,500 units.
Check: 13,500 x $18 = $243,000, exactly covering fixed costs.
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