1. One of the basic concepts in finance is the.......... , which means that a unit of currency received today is worth more than the same unit of currency received at some future. This is why you need to pay interest to the lender when you borrow money. Accordingly, since........ is essentially money lent to a firm's customers, the amount a firm collects from the customers should be seen as the sum of the value of the product/service sold and the........... for deferring payment. Following this logic, if a firm can borrow at 3.6% from its bank, the firm would be better off if it can receive payment one month early in exchange for giving a discount less than.......... % (one decimal place).

2. When you are considering to start a business, the most important consideration is whether the venture will result in value creation, which can be determined by estimating the........... of the venture. That is, you must compare the initial investment with the expected discounted cashflow over the life of the business. For example, if you are considering to open a cafe in Beppu, which would require an initial investment of 5,000,000 yen, you will need to earn an annual cashflow of at least.......... yen (in units and no 1000 separators) if you believe that the appropriate discount rate is 20%, and assume that there is no opportunity for growth.