The correlation function for density fluctuations in a monatomic fluid obeys a formally exact kinetic equation containing a memory function. A previously derived short time approximation (STA) for this memory function is tested by comparing its predictions with the results of molecular dynamic simulations of a dense Lennard-Jones fluid at a variety of temperatures. This approximation takes into account the contribution to the correlation function of uncorrelated repulsive binary collisions. The qualitative changes of predicted correlation functions with temperature and wave vector are generally correct. The major exception to this is the transverse current correlation function for small wave vector. The quantitative accuracy is better at short times than long times and better at high temperatures than low temperatures. The major failing of the STA is its underestimation of the amplitudes of the negative dips in the current autocorrelation functions and of the temperature dependence of the amplitudes of the dips. Despite its deficiencies in predicting the time dependence of current correlation functions, the STA gives accurate results for the self-diffusion coefficient and the shear viscosity coefficient at the highest temperatures studied.