Most Liquid: funds in checking account. These funds are most liquid because the owner can withdraw and use them to meet the obligations of the businesses.

Second-Most Liquid: a bond issued by the publicly traded company. Bonds from public companies can be exchanged for money within a few days.

Third-Most Liquid: a $20 bill. This is a current liability that should be received within a short period.

Least Liquid: Your car. A car is a fixed asset, and it may take longer before you find a buyer. Moreover, negotiations and other government requirements will delay the selling of the car.