State whether following statements are true or false.

1. A Financial Market is a market in which people trade financial securities and derivatives at high transaction costs.
Ans:- False

2. Money market is the market for the long term funds. 
Ans:- False

3. Capital market is the market for the long term funds. 
Ans:- True

4. Primary market is also known as new issue market. 
Ans:- True

5. Secondary market is commonly known as stock market. 
Ans:- True

6. Commercial paper is a secured promissory note. 
Ans:- False

7. Treasury bills are issued by commercial banks. 
Ans:- False