Exam Weight: ~2 questions (1% of exam) Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash. They sit at the lowest-risk end of the investment spectrum and are the most liquid assets in any portfolio. Video Resources Pass Masters ↗ What You'll Learn Insured deposits: demand deposits (checking/savings accounts) and certificates of deposit (CDs) Money market instruments: commercial paper and Treasury bills (T-bills)