IV. Answer the questions using the active vocabulary of the text.

1. What is the purpose of any business?

2. What does profit mean for a company?

3. How is an economic disaster connected with profit?

4. Why are the tax authorities interested in the accounts of a business?

5. Who benefits when a business makes a profit?

6. Why is cash flow important to a business?

7. When is a firm considered insolvent?

8. How are credit ratings determined?

9. What should a salesperson do before selling goods on credit?

10. What does a credit control department do?

11. How does factoring operate?

12. Why do you think a sales manager and a credit control manager might sometimes come into conflict?

V. Read the text and say whether these statements are true (T) or false (F).

1. The more effectively the resources have been used, the less profit will be made.

2. A firm is said to be insolvent when it is unable to meet its financial commitments.

3. So one of the reasons the business managers need to keep a record of their transactions is to hide them from the Inspector of Taxes.

4. The salespeople are allowed to give customers credit when these limits would be exceeded, unless there is a special clearance from the Sales Manager.

5. Companies don’t usually offer cash discounts for prompt payment.

6. A firm is said to be insolvent when it is unable to meet its financial commitments.

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