11. Which of the following instruments is not typically used by individual investors?
a) Treasury bills
b) Commercial paper
c) Certificates of deposit
d) Repurchase agreements
12. Which of the following instruments is typically issued at a discount to face value?
a) Treasury bills
b) Commercial paper
c) Certificates of deposit
d) Repurchase agreements
13. Which of the following instruments is a short-term, interest-bearing security issued by a corporation?
a) Treasury bills
b) Commercial paper
c) Certificates of deposit
d) Repurchase agreements
14. What is the purpose of issuing commercial paper?
a) To finance government budget deficits
b) To finance long-term investment projects
c) To finance short-term working capital needs
d) To finance international trade transactions
15. Which of the following instruments are actively traded in the secondary market?
a) Treasury bills
b) Commercial paper
c) Certificates of deposit
d) Repurchase agreements