Money-Market Instruments
High-quality debt with one year or less to maturity: Treasury bills, commercial paper (corporate IOUs up to 270 days), negotiable (jumbo) CDs, banker's acceptances, and repurchase agreements.
Money-market instruments trade at discounts or pay short-term interest and are prized for safety and liquidity, not return. Money-market mutual funds hold these instruments and aim for a stable $1 NAV — aiming is not guaranteeing, as the exam may note.