投资学英文第7版TestBank谜底chap020整理版Word文档下载推荐.docx
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投资学英文第7版TestBank谜底chap020整理版Word文档下载推荐.docx
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3.Thepricethatthebuyerofaputoptionpaystoacquiretheoptioniscalledthe
4.Thepricethatthewriterofaputoptionreceivestoselltheoptioniscalledthe
A)premium
E)strikeprice
ADifficulty:
5.Thepricethatthebuyerofacalloptionpaysfortheunderlyingassetifsheexecutesher
optioniscalledthe
D)AorC
E)AorB
6.Thepricethatthewriterofacalloptionreceivesfortheunderlyingassetifthebuyer
executesheroptioniscalledthe
D)AorB
E)AorC
DDifficulty:
7.Thepricethatthebuyerofaputoptionreceivesfortheunderlyingassetifsheexecutes
heroptioniscalledthe
8.Thepricethatthewriterofaputoptionreceivesfortheunderlyingassetiftheoptionis
exercisediscalledthe
E)noneoftheabove
9.AnAmericancalloptionallowsthebuyerto
A)selltheunderlyingassetattheexercisepriceonorbeforetheexpirationdate.
B)buytheunderlyingassetattheexercisepriceonorbeforetheexpirationdate.
C)selltheoptionintheopenmarketpriortoexpiration.
D)AandC.
E)BandC.
Rationale:
AnAmericancalloptionmaybeexercised(allowingtheholdertobuythe
underlyingasset)onorbeforeexpiration;
theoptioncontractalsomaybesoldpriorto
expiration.
10.AEuropeancalloptionallowsthebuyerto
A)selltheunderlyingassetattheexercisepriceontheexpirationdate.
D)buytheunderlyingassetattheexercisepriceontheexpirationdate.
E)CandD.
AEuropeancalloptionmaybeexercised(allowingtheholdertobuythe
underlyingasset)ontheexpirationdate;
11.AnAmericanputoptionallowstheholderto
A)buytheunderlyingassetatthestrikingpriceonorbeforetheexpirationdate.
B)selltheunderlyingassetatthestrikingpriceonorbeforetheexpirationdate.
C)potentiallybenefitfromastockpricedecreasewithlessriskthanshortsellingthe
stock.
D)BandC.
E)AandC.
AnAmericanputoptionallowsthebuyertoselltheunderlyingassetatthe
strikingpriceonorbeforetheexpirationdate.Theputoptionalsoallowstheinvestorto
benefitfromanexpectedstockpricedecreasewhileriskingonlytheamountinvestedin
thecontract.
12.AEuropeanputoptionallowstheholderto
D)selltheunderlyingassetatthestrikingpriceontheexpirationdate.
AEuropeanputoptionallowsthebuyertoselltheunderlyingassetatthe
13.AnAmericanputoptioncanbeexercised
A)anytimeonorbeforetheexpirationdate.
B)onlyontheexpirationdate.
C)anytimeintheindefinitefuture.
D)onlyafterdividendsarepaid.
E)noneoftheabove.
Americanoptionscanbeexercisedonorbeforeexpirationdate.
14.AnAmericancalloptioncanbeexercised
15.AEuropeancalloptioncanbeexercised
A)anytimeinthefuture.
C)ifthepriceoftheunderlyingassetdeclinesbelowtheexerciseprice.
D)immediatelyafterdividendsarepaid.
BDifficulty:
Europeanoptionscanbeexercisedatexpirationonly.
16.AEuropeanputoptioncanbeexercised
17.Toadjustforstocksplits
A)theexercisepriceoftheoptionisreducedbythefactorofthesplitandthenumber
ofoptionheldisincreasedbythatfactor.
B)theexercisepriceoftheoptionisincreasedbythefactorofthesplitandthenumber
ofoptionheldisreducedbythatfactor.
C)theexercisepriceoftheoptionisreducedbythefactorofthesplitandthenumber
D)theexercisepriceoftheoptionisincreasedbythefactorofthesplitandthenumber
18.Allelseequal,calloptionvaluesarelower
A)inthemonthofMay.
B)forlowdividendpayoutpolicies.
C)forhighdividendpayoutpolicies.
D)AandB.
CDifficulty:
19.ThecurrentmarketpriceofashareofAT&
Tstockis$50.Ifacalloptiononthisstock
hasastrikepriceof$45,thecall
A)isoutofthemoney.
B)isinthemoney.
C)sellsforahigherpricethanifthemarketpriceofAT&
Tstockis$40.
Ifthestrikingpriceonacalloptionislessthanthemarketprice,theoptionis
inthemoneyandsellsformorethananoutofthemoneyoption.
20.ThecurrentmarketpriceofashareofBoeingstockis$75.Ifacalloptiononthisstock
hasastrikepriceof$70,thecall
C)sellsforahigherpricethanifthemarketpriceofBoeingstockis$70.
inthemoneyandsellsformorethananatthemoneyoption.
21.ThecurrentmarketpriceofashareofCSCOstockis$22.Ifacalloptiononthisstock
hasastrikepriceof$20,thecall
C)sellsforahigherpricethanifthemarketpriceofCSCOstockis$21.
inthemoneyandsellsformorethanalessinthemoneyoption.
22.ThecurrentmarketpriceofashareofDisneystockis$30.Ifacalloptiononthisstock
hasastrikepriceof$35,thecall
C)canbeexercisedprofitably.
Ifthestrikingpriceonacalloptionismorethanthemarketprice,theoption
isoutofthemoneyandcannotbeexercisedprofitably.
23.ThecurrentmarketpriceofashareofCATstockis$76.Ifacalloptiononthisstock
hasastrikepriceof$76,thecall
C)isatthemoney.
Ifthestrikingpriceonacalloptionisequaltothemarketprice,theoptionis
atthemoney.
24.Aputoptiononastockissaidtobeoutofthemoneyif
A)theexercisepriceishigherthanthestockprice.
B)theexercisepriceislessthanthestockprice.
C)theexercisepriceisequaltothestockprice.
D)thepriceoftheputishigherthanthepriceofthecall.
E)thepriceofthecallishigherthanthepriceoftheput.
Anoutofthemoneyputoptiongivestheownertherighttosellthesharesfor
lessthanmarketprice.
25.Aputoptiononastockissaidtobeinthemoneyif
Aninthemoneyputoptiongivestheownertherighttosellthesharesfor
morethanmarketprice.
26.Aputoptiononastockissaidtobeatthemoneyif
B)theexercisepriceislessth
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