Question #1: Describe, in a typical chronological sequence, the operating cycle.

Question #2: How do payment terms provided by merchants and their suppliers work and what decisions do well-run companies typically make when offered cash discounts? (Refer to the payment terms used in Chapters 3 and 5 of your text)

Question #3: How does seasonality affect the operating cycle?

Question #4: How might a company offset temporary cash shortages?