13. ____________ is defined as the length of time required to recover the initial cash out-lay. a) Payback-period b) Inventory conversion period c) Discounted payback-period d) Budget period

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14. _______________ refers to the amount invested in various components of current assets. a) Temporary working capital b) Net working capital c) Gross working capital d) Permanent working capital

15. ____________ is the length of time between the firms actual cash expenditure and its own cash receipt. a) Net operating cycle b) Cash conversion cycle c) Working capital cycle d) Gross operating cycle