Define each of the following terms:

a. Working capital; net working capital; net operating working capital

b. Inventory conversion period; receivables collection period; payables deferral period; cash con version cycle

c. Relaxed NOWC policy; restricted NOWC policy; moderate NOWC policy d. Cash budget

e. Trade discounts

f. Permanent NOWC; temporary NOWC

g. Moderate short-term financing policy; aggressive short-term financing policy; conservative short-term financing policy

h. Maturity matching, or "self-liquidating," approach

i. Accruals

j. Trade credit; stretching accounts payable; free trade credit; costly trade credit

k. Line of credit; revolving credit agreement

I. Commercial paper; bankers' acceptances