Malcolm manages his cash flow very carefully. His surpluses have grown over the years, and being conservative he invests them in GICs. Given this behaviour, which of his ratios should improve?

1. Savings ratio
2. Debt-to-assets ratio
3. Liquidity ratio
4. Current ratio

1. I, II and III
2. II, III and IV
3. I and IV
4. I, II, III and IV