1. Large-denominated ($100,000 and more) time deposits
2. Noncheckable savings deposits
3. Currency (coins and paper money) in circulation
4. Small-denominated (less than $100,000) time deposits
5. Stock certificates
6. Checkable deposits
7. Money market deposit accounts
8. Money market mutual fund balances held by individuals
9. Money market mutual fund balances held by businesses
10. Currency held in bank vaults
Refer to the above list. The assets that are not included in either M1 or M2 are
(Points : 1)
items 1, 5, 9, and 10.
items 2, 5, 8, and 9.
items 1, 3, 5, 7, and 9.
all of the 10 items listed.

From the question, it is given that the large time deposits are not be in M1 or in M2. They are also not stock certificates, or the money market funds that may be held by the businesses, or by bank reserves.

Therefore, the correct answer is :

The items of 1, 5, 9 and 10 are not in M1 or in M2.

Answer Link