Concept:Liquidity means how quickly an asset can be converted into cash without losing its value.
Explanation:Cash is already money and can be used immediately for any transaction.
Therefore, it is the most liquid asset.
A cheque is not cash until it is deposited and cleared.
Shares and bonds must be sold first, which takes time and involves cost or price risk.
Among the given options, cash can be used directly as a medium of exchange.
Thus, cash has the highest liquidity.
Answer:C. cash