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

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

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A

3））Aone-yearcalloptiononastockwithastrikepriceof$30costs$3;

aone-yearputoptiononthestockwithastrikepriceof$30costs$4.Supposethatatraderbuystwocalloptionsandoneputoption.Thebreakevenstockpriceabovewhichthetradermakesaprofitis

A）$35B）$40C）$30D）$36

4））Aone-yearcalloptiononastockwithastrikepriceof$30costs$3;

aone-yearputoptiononthestockwithastrikepriceof$30costs$4.Supposethatatraderbuystwocalloptionsandoneputoption.Thebreakevenstockpricebelowwhichthetradermakesaprofitis

A）$25B）$28C）$26D）$20

D

9

5））Whichofthefollowingisapproximatelytruewhensizeismeasuredintermsoftheunderlyingprincipalamountsorvalueoftheunderlyingassets?

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

C）Theexchange-tradedmarketistentimesasbigastheover-the-countermarket

D）Theover-the-countermarketistentimesasbigastheexchange-tradedmarketAnswer:

6））Whichofthefollowingbestdescribestheterm"

spotprice"

?

A）Thepriceforimmediatedelivery

B）Thepricefordeliveryatafuturetime

C）Thepriceofanassetthathasbeendamaged

D）ThepriceofrentinganassetAnswer:

7））Whichofthefollowingistrueaboutalongforward contract?

A）ThecontractbecomesmorevaluableasthepriceoftheassetdeclinesB）Thecontractbecomesmorevaluableasthepriceoftheassetrises

C）Thecontractisworthzeroifthepriceoftheassetdeclinesafterthecontracthasbeenenteredinto

D）Thecontractisworthzeroifthepriceoftheassetrisesafterthecontracthasbeenenteredinto

8））Aninvestorsellsafuturescontractanassetwhenthefuturespriceis$1

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

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

D）Theinvestorhasmadealossof$2,000Answer:

9））WhichofthefollowingdescribesEuropeanoptions?

A）SoldinEurope

B）PricedinEuros

C）Exercisableonlyatmaturity

D）Calls（therearenoputs）Answer:

C

10）WhichofthefollowingisNOTtrue?

A）Acalloptiongivestheholdertherighttobuyanassetbyacertaindateforacertainprice

B）Aputoptiongivestheholdertherighttosellanassetbyacertaindateforacertainprice

C）Theholderofacallorputoptionmustexercisetherighttosellorbuyan asset

D）TheholderofaforwardcontractisobligatedtobuyorsellanassetAnswer:

11）WhichofthefollowingisNOTtrueaboutcallandputoptions?

A）AnAmericanoptioncanbeexercisedatanytimeduringitslife

B）AEuropeanoptioncanonlybeexercisedonlyonthematuritydate

C）Investorsmustpayanupfrontprice（theoptionpremium）foranoptioncontract

D）ThepriceofacalloptionincreasesasthestrikepriceincreasesAnswer:

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

snetprofitis

A）$700

B）$500

C）$300

D）$600

13）ThepriceofastockonFebruary1is$124.Atradersells200putoptionsonthestockwithastrikepriceof$120whentheoptionpriceis$5.Theoptionsareexercisedwhenthestockpriceis$110.Thetrader'

snetprofitorlossis

A）Gainof$1,000

B）Lossof$2,000

C）Lossof$2,800

D）Lossof$1,000Answer:

14）ThepriceofastockonFebruary1is$84.Atraderbuys200putoptionsonthestockwithastrikepriceof$90whentheoptionpriceis$10.Theoptionsare

exercisedwhenthestockpriceis$85.Thetrader'

snetprofitorlossisA）Lossof$1,000

B）Lossof$2,000

C）Gainof$200

D）Gainof$1000Answer:

15）ThepriceofastockonFebruary1is$48.Atradersells200putoptionsonthestockwithastrikepriceof$40whentheoptionpriceis$2.Theoptionsare

exercisedwhenthestockpriceis$39.Thetrader'

snetprofitorlossisA）Lossof$800

B）Lossof$200

C）Gainof$200

D）Lossof$900Answer:

16）Aspeculatorcanchoosebetweenbuying100sharesofastockfor$40pershareandbuying1000Europeancalloptionsonthestockwithastrikepriceof$45for$4peroption.Forsecondalternativetogiveabetteroutcomeattheoptionmaturity,thestockpricemustbeabove

A）$45

B）$46C）$55D）$50

D

17）Acompanyknowsitwillhavetopayacertainamountofaforeigncurrencytooneofitssuppliersinthefuture.Whichofthefollowingistrue?

A）Aforwardcontractcanbeusedtolockintheexchange rate

B）AforwardcontractwillalwaysgiveabetteroutcomethananoptionC）Anoptionwillalwaysgiveabetteroutcomethanaforwardcontract

D）AnoptioncanbeusedtolockintheexchangerateAnswer:

18））AshortforwardcontractonanassetplusalongpositioninaEuropeancalloptionontheassetwithastrikepriceequaltotheforwardpriceisequivalenttoA）Ashortpositioninacalloption

B）AshortpositioninaputoptionC）Alongpositioninaputoption

D）NoneoftheaboveAnswer:

19））Atraderhasaportfolioworth$5millionthatmirrorstheperformanceofastockindex.Thestockindexiscurrently1,250.Futurescontracttradeontheindexwithonecontractbeingon250timestheindex.Toremovemarketriskfromtheportfoliothetradershould

B）Sell

16

contracts

C）Buy

20

D）Sell

20

Answer

B

A）Buy16contracts

:

20）Whichofthefollowingbestdescribesacentralclearingparty?

A）Itisatraderthatworksforanexchange

B）Itstandsbetweentwopartiesintheover-the-countermarketC）Itisatraderthatworksforabank

D）IthelpsfacilitatefuturestradesAnswer:

FundamentalsofFuturesandOptionsMarkets,8e（Hull）Chapter2 MechanicsofFuturesMarkets

1））Whichofthefollowingistrue?

A）Bothforwardandfuturescontractsaretradedonexchanges

B）Forwardcontractsaretradedonexchanges,butfuturescontractsarenotC）Futurescontractsaretradedonexchanges,butforwardcontractsarenot

D）NeitherfuturescontractsnorforwardcontractsaretradedonexchangesAnswer:

A）FuturescontractsnearlyalwayslastlongerthanforwardcontractsB）Futurescontractsarestandardized;

forwardcontractsare not

C）Deliveryorfinalcashsettlementusuallytakesplacewithforwardcontracts;

thesameisnottrueoffuturescontracts

D）Forwardcontractsusuallyhaveonespecifieddeliverydate;

futurescontractoftenhavearangeofdeliverydates

3））Inthecornfuturescontractanumberofdifferenttypesofcorncanbe delivered（withpriceadjustmentsspecifiedbytheexchange）andthereareanumberofdifferentdeliverylocations.Whichofthefollowingistrue?

A）ThisflexibilitytendsincreasethefuturespriceB）Thisflexibilitytendsdecreasethefuturesprice

C）Thisflexibilitymayincreaseandmaydecreasethefuturesprice

D）ThisflexibilityhasnoeffectonthefuturespriceAnswer:

4））Acompanyentersintoashortfuturescontracttosell50,000unitsofacommodityfor70centsperunit.Theinitialmarginis$4,000andthemaintenancemarginis$3,000.Whatisthefuturespriceperunitabovewhichtherewillbeamargincall?

A）78centsB）76cents

C）74cents

D）72centsAnswer:

5））Acompanyentersintoalongfuturescontracttobuy1,000unitsofacommodityfor$60perunit.Theinitialmarginis$6,000andthemaintenancemarginis$4,000.Whatfuturespricewillallow$2,000tobewithdrawnfromthe

marginaccount?

A）$58

B）$62C）$64D）$66

6））Onefuturescontractistraded