Final answer:
The correct liquidity order from most to least is: Checking account, savings account, money market account, followed by the certificate of deposit (CD).
Step-by-step explanation:
The liquidity of different types of bank accounts can vary significantly.
The checking account is the most liquid as you can access and use your funds almost immediately, often with no limitation, so this account features prominently in monetary aggregates such as M1 which represent the most liquid forms of money.
Following this, the savings account offers a bit less liquidity mainly because there might be a few restrictions on withdrawals, yet they typically still allow for relatively easy access to funds.
A money market account often provides a higher interest rate along with reasonable access to your funds, although not as freely as with checking or savings accounts.
Lastly, a certificate of deposit (CD) is the least liquid among these options since it locks your money for a set period of time and typically incurs penalties for early withdrawal.
Therefore, the correct order from most to least liquid is: Checking account, savings account, money market account, and CD. This corresponds to option 4) on the student's list.