公司理财 习题库 Chap014.doc

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1、CHAPTER14OptionsandCorporateFinanceI.DEFINITIONSOPTIONSa1.Afinancialcontractthatgivesitsownertheright,butnottheobligation,tobuyorsellaspecifiedassetatanagreed-uponpriceonorbeforeagivenfuturedateiscalleda(n)_____contract.a.optionb.futuresc.forwardd.swape.straddleOPTIONEXERCISEb2.The

2、actwhereanownerofanoptionbuysorsellstheunderlyingasset,asistheirright,iscalled______theoption.a.strikingb.exercisingc.openingd.splittinge.stranglingSTRIKEPRICEc3.Thefixedpriceinanoptioncontractatwhichtheownercanbuyorselltheunderlyingassetiscalledtheoption’s:a.openingprice.b.intrins

3、icvalue.c.strikeprice.d.marketprice.e.timevalue.EXPIRATIONDATEd4.Thelastdayonwhichanownerofanoptioncanelecttoexerciseisthe_____date.a.ex-paymentb.ex-optionc.openingd.expiratione.intrinsicAMERICANOPTIONSe5.Anoptionthatmaybeexercisedatanytimeupitsexpirationdateiscalleda(n)_____option

4、.a.futuresb.Asianc.Bermudand.Europeane.AmericanEUROPEANOPTIONSa6.Anoptionthatmaybeexercisedonlyontheexpirationdateiscalleda(n)_____option.a.Europeanb.Americanc.Bermudand.futurese.AsianCALLOPTIONb7.A_____isaderivativesecuritythatgivestheownertheright,butnottheobligation,tobuyanasset

5、atafixedpriceforaspecifiedperiodoftime.a.futurescontractb.calloptionc.putoptiond.swape.forwardcontractPUTOPTIONc8.A_____isaderivativesecuritythatgivestheownertheright,butnottheobligation,tosellanassetatafixedpriceforaspecifiedperiodoftime.a.futurescontractb.calloptionc.putoptiond.s

6、wape.forwardcontractARBITRAGEd9.Atradingopportunitythatoffersarisklessprofitiscalleda(n):a.putoption.b.calloption.c.marketequilibrium.d.arbitrage.e.cross-hedge.INTRINSICVALUEe10.Thevalueofanoptionifitweretoimmediatelyexpire,thatis,it’slowerpricingbound,iscalledanoption’s_____value.

7、a.strikeb.marketc.volatilityd.timee.intrinsicTIMEVALUEa11.Thetimevalueofanoptionisequaltothe:a.option’smarketpriceminusitsintrinsicvalue.b.option’sintrinsicvalueminusitsmarketprice.c.risk-freeinterestrateintheeconomy.d.netpresentvalueoftheoption’scashflows.e.netpresentvalueoftheopt

8、ion’scashflows,discounteda