11) Which of the following is not a characteristic of a money market instrument? 11) A) Liquidity B) Marketability C) Low risk D) Maturity greater than 1 year 12) Which of the following is not a true statement regarding municipal bonds? 12) a A) A municipal bond is a debt obligation issued by state or local governments. B) A municipal bond is a debt obligation issued by the federal government. C) The interest income from a municipal bond is exempt from federal income taxation. D) The interest income from a municipal bond is exempt from state and local taxation in the issuing state