1. The financial director of a company makes the following comments: The company performed remarkably well this year. You be the judge our depreciation policy enabled us to generate 50% more EBITDA than last year. Our working capital has increased sharply, due to a more generous customer credit policy (three months instead of two) and to a significant increase in our inventories. What is your response? What advice would you give?

2. Of the following companies, which would you define as making a margin between the end market and an upstream market? temporary employment agency; storage company (warehouse); slaughterhouse; furniture manufacturer; supermarket.

3. Give a synonym for net assets.

4. What is a non-cash expense? What is a deferred charge? Describe their similarities and the differences between them.

5. What are the four basic cycles of a company? Please explain.