Which of the following is NOT a money market instrument?

Long-term bonds are indeed not categorized as money market instruments. Money market instruments are typically short-term debt securities that have high liquidity and typically mature in one year or less. This includes instruments like Treasury bills, bankers' acceptances, and commercial paper, all of which are used for short-term borrowing and investment.

In contrast, long-term bonds are issued for longer durations, generally spanning several years. They are aimed at raising funds for long-term financing needs, such as government projects or corporate expansion, and involve a greater risk as they are sensitive to interest rate fluctuations over their longer maturities. This distinction is fundamental in finance, as the characteristics of the instruments reflect their intended use, liquidity, and risk profiles. Therefore, identifying long-term bonds as separate from money market instruments underscores the difference in both purpose and market behavior.