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. Complete the following sentences by choosing the appropriate word or phrase for each gap.
The cash conversion cycle tells us how quickly [inventory] is turned into [trade receivables] and how quickly [trade receivables] are turned into [cash] with which to pay [trade payables].

The [shorter] the cash conversion cycle, the [better] the [working capital] is being managed and the more readily [cash] is available with which to meet [liabilities] as they fall due.

Conversely, the [longer] the cash conversion cycle, the [higher] the investment required in [working capital] and the [higher] the emergency sources of [cash] will need to be (for example, financing by an agreed short-term overdraft from the bank) to pay [liabilities] as they fall due.

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