What type of property asset can quickly be converted into cash?

Liquid assets are those that can be easily and quickly converted into cash without a significant loss in value. This includes cash itself and other financial instruments like stocks, bonds, or money market accounts that can be readily sold in financial markets. The key characteristic of liquid assets is their high liquidity, meaning they can be turned into cash almost immediately, typically within a few days.

In contrast, illiquid assets, such as real estate, take longer to sell and may require a longer timeframe and more effort to convert into cash, often involving lengthy processes such as finding a buyer and negotiating a sale. Intangible assets, which may include intellectual property or goodwill, also do not have immediate cash value and can be challenging to sell quickly because they often lack a defined market. Thus, the definition and characteristics of liquid assets clearly distinguish them as the correct choice in this context.