答案和详解如下： 1.An option is settled in cash, with nothing delivered. The long payoff is the difference between the security value and the strike price, multiplied by a contract multiplier. The option is a(n): A) futures option. B) commodity option. C) over-the-counter (OTC) currency option. D) index option. The correct answer was D) Options on stock indexes are only settled in cash and require a multiplier to determine the payoff. Futures options give the holder the right to buy or sell a futures contract, but require no multiplier. Commodity options give the holder the right to buy or sell physical goods. OTC options are mostly customized products with no standardized features. 2.All of the following statements regarding interest-rate options are true EXCEPT: A) they are based on a fixed income security. B) they are based on a specific interest rate rather than a bond. C) call option values move in the same direction as interest rates. D) they can hedge interest rate risk. The correct answer was A) Treasury bond or bill options are options on fixed income securities. Interest rate options are based on a specific reference rate and interest rate calls have positive payoffs when the reference rate is above the rate specified in the contract. 3.An option to buy Mexican pesos is: A) a currency option. B) an exchange rate option. C) a foreign option. D) an index option. The correct answer was A) Options on foreign currencies are called currency options and cover a specific number of foreign currency units. 4.Financial options include all of the following EXCEPT options on: A) stock indexes. B) futures. C) interest rates. D) foreign currencies. The correct answer was B) Options on futures are considered a separate type of options. | 
发表于 2008-4-9 17:13
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