Which of the following is TRUE of commercial paper?

A) They are secured.
B) They are not promissory notes.
C) They are long-term notes.
D) They are $100,000 or greater.
E) They are issued mainly by smaller institutions.

Answer: D
Explanation: D) Substitutes for bank loans, commercial paper consists of unsecured, short-term promissory notes over $100,000 issued by large corporations.