FundamentalsofFuturesandOptionsMarkets,8e(Hull)testbankchapter1－24.docx

FundamentalsofFuturesandOptionsMarkets,8e(Hull)testbankchapter1－24.docx

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FundamentalsofFuturesandOptionsMarkets,8e（Hull）Chapter1 Introduction

1））Aone-yearforwardcontractisanagreementwhere

A）Onesidehastherighttobuyanassetforacertainpriceinoneyear'stime

B）Onesidehastheobligationtobuyanassetforacertainpriceinoneyear'stimeC）Onesidehastheobligationtobuyanassetforacertainpriceatsometimeduringthenextyear

D）Onesidehastheobligationtobuyanassetforthemarketpriceinoneyear'stime

Answer:

B

2））WhichofthefollowingisNOTtrue?

A）WhenaCBOEcalloptiononIBMisexercised,IBMissuesmorestockB）AnAmericanoptioncanbeexercisedatanytimeduringitslife

C）Ancalloptionwillalwaysbeexercisedatmaturityiftheunderlyingassetpriceisgreaterthanthestrikeprice

D）Aputoptionwillalwaysbeexercisedatmaturityifthestrikepriceisgreaterthantheunderlyingassetprice

Answer:

A

3））Aone-yearcalloptiononastockwithastrikepriceof$30costs$3;aone-yearputoptiononthestockwithastrikepriceof$30costs$4.Supposethatatraderbuystwocalloptionsandoneputoption.Thebreakevenstockpriceabovewhichthetradermakesaprofitis

A）$35B）$40C）$30D）$36

Answer:

A

4））Aone-yearcalloptiononastockwithastrikepriceof$30costs$3;aone-yearputoptiononthestockwithastrikepriceof$30costs$4.Supposethatatraderbuystwocalloptionsandoneputoption.Thebreakevenstockpricebelowwhichthetradermakesaprofitis

A）$25B）$28C）$26D）$20

Answer:

D

9

5））Whichofthefollowingisapproximatelytruewhensizeismeasuredintermsoftheunderlyingprincipalamountsorvalueoftheunderlyingassets?

A）Theexchange-tradedmarketistwiceasbigastheover-the-countermarketB）Theover-the-countermarketistwiceasbigastheexchange-tradedmarket

C）Theexchange-tradedmarketistentimesasbigastheover-the-countermarket

D）Theover-the-countermarketistentimesasbigastheexchange-tradedmarketAnswer:

D

6））Whichofthefollowingbestdescribestheterm"spotprice"?

A）Thepriceforimmediatedelivery

B）Thepricefordeliveryatafuturetime

C）Thepriceofanassetthathasbeendamaged

D）ThepriceofrentinganassetAnswer:

A

7））Whichofthefollowingistrueaboutalongforward contract?

A）ThecontractbecomesmorevaluableasthepriceoftheassetdeclinesB）Thecontractbecomesmorevaluableasthepriceoftheassetrises

C）Thecontractisworthzeroifthepriceoftheassetdeclinesafterthecontracthasbeenenteredinto

D）Thecontractisworthzeroifthepriceoftheassetrisesafterthecontracthasbeenenteredinto

Answer:

B

8））Aninvestorsellsafuturescontractanassetwhenthefuturespriceis$1

500.Eachcontractison100unitsoftheasset.Thecontractisclosedoutwhenthefuturespriceis$1,540.Whichofthefollowingistrue?

A）Theinvestorhasmadeagainof$4,000B）Theinvestorhasmadealossof$4,000C）Theinvestorhasmadeagainof$2,000

D）Theinvestorhasmadealossof$2,000Answer:

B

9））WhichofthefollowingdescribesEuropeanoptions?

A）SoldinEurope

B）PricedinEuros

C）Exercisableonlyatmaturity

D）Calls（therearenoputs）Answer:

C

10）WhichofthefollowingisNOTtrue?

A）Acalloptiongivestheholdertherighttobuyanassetbyacertaindateforacertainprice

B）Aputoptiongivestheholdertherighttosellanassetbyacertaindateforacertainprice

C）Theholderofacallorputoptionmustexercisetherighttosellorbuyan asset

D）TheholderofaforwardcontractisobligatedtobuyorsellanassetAnswer:

C

11）WhichofthefollowingisNOTtrueaboutcallandputoptions?

A）AnAmericanoptioncanbeexercisedatanytimeduringitslife

B）AEuropeanoptioncanonlybeexercisedonlyonthematuritydate

C）Investorsmustpayanupfrontprice（theoptionpremium）foranoptioncontract

D）ThepriceofacalloptionincreasesasthestrikepriceincreasesAnswer:

D

12）ThepriceofastockonJuly1is$57.Atraderbuys100calloptionsonthestockwithastrikepriceof$60whentheoptionpriceis$2.Theoptionsareexercisedwhenthestockpriceis$65.Thetrader'snetprofitis

A）$700

B）$500

C）$300

D）$600

Answer:

C

13）ThepriceofastockonFebruary1is$124.Atradersells200putoptionsonthestockwithastrikepriceof$120whentheoptionpriceis$5.Theoptionsareexercis