Long-term bonds like treasury bonds and corporate bonds are usually quoted in dollars as a percentage of their face value. Treasury bonds are commonly quoted with 32s after a decimal point. Most bonds are traded by dealers in an active market, especially treasury bonds. Some bonds are quoted based on their yield instead of their dollar price. Discount bonds are typically quoted based on their yield. Separate interest and principal securities, known as STRIPS, are quoted in bond yield. STRIPS are treasury bonds split into separate interest and principal payments and sold as zero-coupon bonds.