Directions: There are 4 passages in this sections. Each passage is followed by some questions or unfinished statements. For each of them there are four choices marked A, B, C, D. You should choose the best answer.
　　Factoring refers to a practice whereby you sell your receivables for a discount before they are due. Historically, factoring has been heavily used in some industries, such as the garment industry, and less in others. Today, however, entrepreneurial factoring companies are willing to buy creditworthy receivables from just about any industry.
　　Factoring is a relatively expensive means of obtaining financing. You are paying for the cost of the capital, the extra risk including bad debt, and the paperwork factoring requires. If you can finance your business through other sources, particularly the more traditional ones, you will certainly save money.
　　However, factoring can be a cash bonanza to a growing business, especially one that cannot obtain the necessary capital through traditional borrowing.
　　1. Factoring is a relatively ______ means of obtaining financing.
　　A. cheap
　　B. expensive
　　C. free
　　D. hard
　　2. Factoring can be a cash bonanza to a growing business, especially one that
　　A. cannot obtain the necessary capital through loan
　　B. cannot obtain the necessary capital
　　C. cannot obtain the necessary capital from financial institutes
　　D. cannot obtain any fund.
　　3. Factoring refers to a practice whereby you sell your ______ for a discount before they are due.
　　A. capital
　　B. goods
　　C. stocks
　　D. receivables
　　4. Factoring is a kind of ______.
　　A. means of payment
　　B. payment system
　　C. international settlement
　　D. loan
　　5. Factoring was once used heavily in ______.
　　A. industry
　　B. bank
　　C. garment industry
　　D. company

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