1. Assess the liquidity of the following assets: plant, unlisted securities, listed securities, head office building located in the centre of a large city, ships and aircraft, commercial paper, raw materials inventories, work-in-progress inventories.

2. What is your view of a company which has seen a huge increase in sales due to a significant drop in prices and a strong volume effect?

3. Is financial expense included in cash flow from operating activities?

4. Provide several examples illustrating the difference between cash receipts and revenues, cash expenses and costs.

5. Is the permanent part of working capital liquid?