1. Fill in the blanks to complete each sentence. (1) The essence of factoring is the discounting of on a basis. (2) Factor assumes the responsibility for without recourse to the client. (3) The factor acts as a manager of exporter's sales and provides his client with finance based on as well as an evaluator of the importer's creditworthiness. (4) The origins of the forfeiting market lay in that took place during the late fifties and early sixties of the 20th century, when the seller's market for capital goods gradually changed into a buyer's market. (5) Forfeit finance was thus created to satisfy in international finance. (6) By without recourse, factoring can protect the clients from risk of loss so long as merchandise quality, quantity and terms meet the requirements of sales contract between the client and his customer. (7) In a factoring business the factor assumes responsibility for the invoice including credit cover against customer's insolvency. (8) Generally 80% of the invoice face value is immediately available to the seller. The balance is payable within a fixed number of days after or when (9) Forfeiting is a medium-term business in the sense that only those maturities from six months to five or six years are to be considered. However, every forfeiter will impose his own limits, to be determined largely by and