CMA Part 2 practice questions with explained answers
Try 5 selected CMA Part 2 multiple-choice questions below, without an account. Choose an answer, check the explanation, then work the method again. These are the same public bank samples offered on the free-practice page, not a full mock or a prediction of your exam score.
5 free questions
Financial statement analysis
Question 1. In working capital management, which liquidity metric measures the average time elapsed between acquiring inventory on credit from suppliers and making the cash disbursement for that purchase?
Explanation after you answerProfessional ethics
Question 2. Maywood Enterprises aims to transform its Code of Conduct from a static policy document into an active driver of its corporate culture. Which approach most effectively serves this objective?
Explanation after you answerCorporate finance
Question 3. An investor holding a single common stock seeks to eliminate the unsystematic risk of the holding while earning a return commensurate with macroeconomic risk. Which approach serves this objective?
Explanation after you answerEnterprise risk management
Question 4. An exporter faces uncertainty in future cash inflows due to unpredictable fluctuations in foreign exchange rates. Under enterprise risk management, this exposure is classified as which type of risk?
Explanation after you answerCapital investment decisions
Question 5. The CFO of Brightline Group is evaluating a fleet expansion project and wants to identify which single operating variable has the greatest percentage impact on the project's net present value (NPV). Which risk analysis technique should the CFO use, and why?
Explanation after you answer
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Questions from the MiloPrep question bank. Independently authored practice, not official exam items. This short set is for learning and does not predict an exam score.
| Resource | What you get | Access |
|---|---|---|
| On this page | 5 interactive MCQs with explanations | No account required |
| Part PDF | 20 selected MCQs with answers and explanations | Email delivery; monthly newsletter disclosed on the form |
| Official exam | 100 MCQs and two scenario sets in four hours | These short samples do not reproduce the full exam. |
Exactly what this sample covers
The sample is deliberately small and is not weighted like the exam. A topic not shown here still belongs in your preparation.
| Question | Topic in this sample |
|---|---|
| 1 | Financial statement analysis |
| 2 | Professional ethics |
| 3 | Corporate finance |
| 4 | Enterprise risk management |
| 5 | Capital investment decisions |
Turn each answer into a useful next step
A correct guess deserves review. A wrong answer is useful when you can explain why it happened and solve a fresh variation. Do not repeat this same small set until the score looks reassuring.
| Your result | Next action |
|---|---|
| Correct and explained | Try a fresh problem from the same domain, then mix it with other topics. |
| Correct but guessed | Reconstruct the method without the options or explanation. |
| Wrong setup | Name the applicable rule, units and assumptions before recalculating. |
| Wrong arithmetic or reading | Rework carefully, then check transfer under a reasonable time limit. |
Extend the cash-cycle question into a calculation
The financial-analysis sample tests what the payable period represents. Connect that definition to the full cash conversion cycle: inventory days plus receivable days minus payable days. The subtraction reflects supplier financing during the period before payment, rather than cash that the business collects from customers.
When comparing periods or businesses, inspect how each component is measured and whether the figures are comparable. A shorter cycle may release cash, but stretching supplier payments can also damage terms or relationships. The calculation describes timing; it does not make every way of shortening the cycle desirable.
Original worked example
Inventory takes 50 days to sell, customers take 35 days to pay and suppliers are paid after 30 days. If inventory days fall to 42 while the other periods stay unchanged, what happens?
The cycle falls from 50 + 35 - 30 = 55 days to 42 + 35 - 30 = 47 days, an eight-day reduction.
The changed assumption concerns inventory only. If the reduction causes stockouts or changes supplier terms, evaluate those effects separately rather than treating this arithmetic as a complete business recommendation.
Keep sensitivity analysis separate from a combined scenario
The investment sample asks what happens when one input changes while the others remain fixed. That isolation helps identify which assumption drives an output. A scenario can change several related assumptions together; its result answers a different question and cannot isolate the effect of one input.
Write the base calculation, name the input being changed and show the revised result. Do not silently change quantity, price and cost in the same sensitivity test. If those variables are linked in real life, a combined scenario may be useful afterward, with the link stated explicitly.
Original worked example
A one-year project costs $10,000 now and returns $12,000 after one year. At 10%, what is NPV? Then reduce only the future receipt by 10%, leaving the discount rate unchanged. Ignore tax.
Base NPV = $12,000 / 1.10 - $10,000 = $909.09. Revised receipt = $10,800; revised NPV = $10,800 / 1.10 - $10,000 = -$181.82.
The changed receipt reverses the sign of NPV under these assumptions. This establishes sensitivity to that input; it does not assign a probability to the receipt or estimate the project’s complete risk.
Explain the risk and ethics choices in business terms
For the portfolio sample, distinguish firm-specific risk from market risk before choosing the relevant measure. For the currency sample, identify the uncertain market variable and the exposure it changes. Merely attaching the word “risk” to both situations misses the distinction the questions test.
For the ethics sample, explain how training and appraisal make a code part of everyday conduct. A published code without implementation is different from an operating process that reinforces it. Then move to a fresh case in which you must identify a duty and choose a justified action, because recognizing this one answer does not demonstrate the whole ethics domain.
This selected set does not cover all Part 2 methods, including the full range of decision analysis. The original examples here extend the reasoning; they do not turn five interactive questions into a representative mock or provide a scaled-score estimate.
Common questions
- Are these official CMA exam questions?
- No. These are selected study-bank samples, not recalled, confidential or IMA-endorsed exam material.
- Is this a complete mock?
- No. It contains 5 MCQs and no complete scenario section. It cannot establish whole-syllabus coverage or a passing score.
- Do I need an account or email to answer?
- No. The on-page questions are free to use. Email is needed only if you separately request the printable PDF.
Sources and editorial notes
Source check: . MiloPrep editorial team. Official facts and provider offer claims are identified below. Study schedules, examples and recommendations are editorial; they are not official questions, a required study-hour total or a passing guarantee.
- IMA CMA Handbook, March 2026 (PDF) ↗
Pages 4-6: certification deadlines; 7-9: format, windows, older registration cutoffs and appointment changes; 10-13: exam day, scoring and reports. The current CBQ purchase page describes a different, eight-month authorization period.
- IMA certification steps and resources ↗
Part order, recurring windows and certification steps. Its brief deadline summary conflicts with the detailed handbook; see the requirements guide.
- IMA English CBQ purchase and eligibility window ↗
Current purchase page: eight months from invoice purchase date to sit; eligibility dates confirmed in Prometric. This differs from the March handbook’s fixed-window registration wording.
- IMA Learning Outcome Statements (PDF) ↗
Expected knowledge and application within each domain; not a question bank or a study-hour requirement.
MiloPrep is an independent study resource and is not affiliated with or endorsed by IMA or the providers discussed. Editorial methodology · About the editorial team.
Notes
- * Quick answers: Taking the exam in 2027? Choose a January/February, May/June or September/October target using IMA’s annual pattern, then check the language-specific format and actual authorization dates. The blueprint guide has the booking, fee and result planning tables. ↩ Return to content