[单项选择]An options investor purchases one stock put option on General Motor’s stock. The put has the following characteristics : Type of option: put option Underlying asset: 100 shares of General Motor’s stock Exercise price : $75 per share Premium: $1.81 per share Expiration date : November By taking a LONG position in this put option, the investor has:（　）
A. purchased the right to decide whether to sell 100 shares of General Motor’s stock and receive $181 during the specified time period (the expiration date in November) 
B. purchased the right to decide whether to purchase 100 shares Of General Motor’s stock and receive $181 during the specified time period (the expiration date in November) 
C. none of the above

[单项选择]An options investor purchases one stock put option with the following characteristics: Type of option: put option on Hock Underlying asset: 100 shares of WalMart Exercise price: $47.50 per share Premium : $2.00 per share Expiration date : October If the expiration-day price of WalMart stock were $5000 per share, the profit/loss for the LONG put option would be:

[单项选择]An options investor purchases one put option on March coffee futures. The put has the following characteristics: Type of option put option Underlying asset 1 March coffee futures contract(37500pounds) Exercise price $ 0.775 per pound Premium $ 0.0425 per pound Expiration date March The current price (futures price) of the March coffee futures contract is $ 0.762 per pound. This LONG put option is:（）
A. in the money in the amount of $ 0.013 per pound.
B. in the money in the amount of $ 0.7325 per pound.
C. out of the money in the amount of $ 0.762 per pound.

[单项选择]An options investor sells one stock put option with the following characteristics: Type of option: put option on stock Underlying asset: 100 shares of Bank of America Stock Exercise price : $55 per share Premium : $2.44 per share Expiration date : October By taking a SHORT position in this put option, the investor has（　）
A. obligated herself to sell 100 shares of Bank of America stock and receive $5500 during the specified time period (expiration date in October). 
B. purchased the right to decide whether to sell 100 shares of Bank of America stock and receive $5500 during the specified time period (expiration date in October). 
C. obligated herself to purchase 100 shares of Bank of America stock and pay $5500 during the specified time period (expiration date in October).

[单项选择]An investor purchases a stock for $40 a share and simultaneously sells a call option on the stock with an exercise price of $42 for a premium of $3/share. Ignoring dividends and transactions cost, what is the maximum profit that the writer of this covered call can earn if the position is held to expiration

[单项选择]Consider a stock put option with the following characteristics: Type of option: put option on stock Underlying asset: 100 shares of Compaq Exercise price : $32.50 per share Premium : $4.00 per share Expiration date : November Expiration-day price of Compaq stock were $28.50 per share, which of the following would describe the expiration-day profit/loss for the investors in the Compaq put option

[单项选择]An investor purchases 200 shares of Merxx on margin. The shares are trading at $40. Initial and maintenance margins are 50 percent and 25 percent. If the investor sells the stock when the price rises to $50 at year-end, the return on the investment would be closest to:（）
A. 50.00%.
B. 18.75%.
C. 25.00%.

[单项选择]An investor purchases a 4-year, 6 percent, semiannual-pay Treasury note for $ 9485. The security has a par value of $10000. To realize a total dollar return equal to 7.515 percent (its yield to maturity), the investor must have which of the following reinvestment assumptions（）
A. All payments must be reinvested at less than 7.515%.
B. All payments must be reinvested at more than 7.515%.
C. All payments must be reinvested at 7.515%.

[单项选择]Call options on the stock of Verdant, Inc. , with a strike price of $45 are priced at $3.75. Put options with a strike price of $45 are priced at $3.00. Which of the following most accurately describes the potential payoffs for owners of these options ( assuming no underlying positions in Verdant) Maximum loss Potential Maximum gain Potential ①A. Call writer Call buyer ②B. Put buyer Call writer ③C. Put writer Call buyer

[单项选择]

In the following four options in one of the most correct

At the international conference, the Chinese expert gave a report on world economy based on his recent investigation．（）
A. 在国际会议上，这位中国专家根据他最近的调研做了世界经济报告。
B. 在国际会议上，这位中国专家宣读了他最近研究的世界经济报告。
C. 在国际会议上，这位中国专家以他的世界经济报告为题，做了调研。
D. 这位中国专家以最近的国际会议为基础，宣读了世界经济调研报告。

[单项选择]Consider two options A and B. Option A has a strike price of $40 and is selling in the market for $ 4. Option B has a strike price of $32 and is selling in the market for $3. The underlying assets for the options, Stock A and Stock B, have a current market price of $ 43 and $ 29, respectively. Which of the following are most likely TRUE about option A and option B Option A Option B（）
A. Expiring call In-the-money put
B. In-the-money put Expiring call
C. In-the-money call Expiring put

[单项选择]A European stock index call option has a strike price of $116.0 and a time to expiration 5 years. Given a risk-free rate of 4% , if the underlying index is trading at $1200 and has a multiplier of 1, then the lower bound for the option price is or the option price is closest to:

[单项选择]Consider a put option expiring in 120 days on a non-dividend-paying stock trading at 47 when the risk-free rate is 5 percent. What are the lower hounds for an American put and a European put with exercise prices of 50 American Put European Put （） ①A. $2.20 $2.20 ②B. $2.20 $3.00 ③C. $3.00 $2.20
A. ① 
B. ② 
C. ③

[单项选择]Anyway, even if one wanted to, one couldn’t put the clock back to an earlier age.（）
A. 无论如何，人们也无法找回失去的岁月。
B. 不管他怎么做，也无法将时钟拨回到早先的时代。
C. 不管怎样，即使有人想这么做，他也无法将时钟拨回到早先的时代。
D. 不管怎样，即使有人想这么做，他也无法使自己退回到年轻的时候。

[单项选择]An investor bought a 40 put on a stock trading at 43 for a premium of $1. What is the maximum gain on the put and the value of the put at expiration if the stock price is $41 Maximum Gain on Put Value of the Put at Expiration ①A. $39 $0 ②B. $4O $2 ③C. unlimited $1

[填空题]One major difference between the Stock Exchange and other markets is that the Stock Exchange deals with goods with______.

[单项选择]An analyst is investigating one stock with high after-tax return above the benchmark and is concerned about his perceptions of slowdown in the macroeconomic next year. So he adjusts the historical probability of the stock’s return above the benchmark. The analyst is best characterized as gaining a(n):（）
A. a priori probability.
B. objective probability.
C. empirical probability

[单项选择]A put on Stock X with a strike price of $40 is priced at $3.00 per share ; while a call with a strike price of $40 is priced at $4.50. What is the maximum per share loss to the writer of the uncovered put and the maximum per share gain to the writer of the uncovered call the maximum per share loss the maximum per share gain ①A. $37.00 $4.50 ②B. $37.00 $37.00 ③C. $4.50 $4.50

[单项选择]If the stock trades for $97, the put is worth $3. Exercise price - stock price = $100 - $97 = $3.（　）
A. Equity forwards may be settled in cash. 
B. Dividends are never included in index forwards. 
C. A short position in equity forward could not hedge the risk of a purchase of that equity in the future.