1. Which of the following characteristics apply to U.S. Treasury bills?

   I. Income taxed at both the Federal and State level

   II. Minimal, if any, default risk

   III. Marketable, but not liquid

   IV. Short maturities

   a. I and III only

b. II and IV only

c. I, II, and IV only

d. I, II, III and IV

2. Which of the following are money market securities?

I. Jumbo CDs

II. Short-term municipal debt

III. U.S. Savings Bonds

IV. Commercial pape

a. I and IV only

b. II and III only

c. I, II and IV only

d. I, II, III and IV only