The Cotton Gin

question 50

Multiple Choice

The cotton gin:

• A)made possible the efficient separation of seeds from fiber.
• B)was an engine that manufactured cloth.
• C)made the South the wealthiest part of the country.
• D)had no significant effect on the North's economy.
• E)resulted from a government bounty paid to its inventor.

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Definitions:

Factoring

A financial transaction where a business sells its accounts receivable to a third party at a discount to raise immediate capital.

Turning Receivables

Involves managing and collecting funds owed to a business by its customers within a given period.

Credit Profile

A summary or analysis of an individual's or entity's credit history and current financial status used by lenders to gauge creditworthiness.

Trade Creditors

Suppliers or vendors that allow businesses to buy goods or services on account, paying them at a later date.