Which of the following correctly ranks investments by liquidity from least to most liquid?

Liquidity refers to how quickly and easily an asset can be converted into cash without significantly affecting its price. In this context, it's important to consider the nature of each investment type.

Property is considered the least liquid because selling real estate typically requires a lengthy process involving market conditions, potential repairs, and negotiations, making it difficult to quickly convert into cash.

Equities, or stocks, are generally more liquid than property because they can usually be sold relatively quickly on the stock market, though not as instantly as cash or short-term securities. There can be market fluctuations that affect the speed and price at which equities are sold.

Short-term securities, like Treasury bills or money market instruments, are more liquid than equities since they are designed to be easily sold or redeemed, often with a stable and predictable value.

Cash is the most liquid asset, as it can be used immediately for transactions without any conversion process.

Thus, when ranking these investments from least to most liquid, the correct order is indeed property (least liquid), followed by equities, then short-term securities, and finally cash (most liquid). This ranking reflects the increasing ease with which each asset can be converted to cash.