1. Do liabilities that arise during the operating cycle always have a maturity of less than one year?

2. How is an investment decision analyzed from a cash standpoint?

3. Why do we say that, as a general rule, operating cash flow should be positive? Provide a simple example that demonstrates that operating cash flow can be negative during periods of strong growth, start-up periods and in the event of strong seasonal fluctuations.

4. What mechanism pushes market value towards present value?

5. The main manufacturers of telephony equipment (Ericsson, Nokia, etc.) provided telecoms operators (Deutsche Telekom, Swisscom, etc.) with substantial supplier credit lines in order to assist them in financing the construction of their UMTS networks. State your views