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WorksheetsKiến thức về hợp đồng phái sinh
Total questions: 186
Worksheet time: 2hrs 56mins
Hợp đồng phái sinh là gì?
Một loại hợp đồng vay
Một loại hợp đồng tài chính phụ thuộc vào tài sản cơ sở
Một loại chứng khoán cơ bản
Một loại hợp đồng chỉ áp dụng cho cổ phiếu
What types of underlying assets are included in derivative contracts?
Commodities, stocks, bonds, stock price indices
Interest rates, exchange rates, credit risk
Events like weather, football
All of the above
Yếu tố nào KHÔNG phải là một phần của hợp đồng phái sinh?
Nguyên tắc phái sinh
Ngày đáo hạn
Giá trị danh nghĩa
Cổ tức của tài sản cơ sở
What is a derivative contract?
A legal agreement between two parties to buy and sell assets in the future at a predetermined price
A type of contract listed on an exchange
A type of option to buy or sell an asset
A type of credit risk transfer contract
Hợp đồng kỳ hạn có đặc điểm gì?
Không được liệt kê và cá nhân
Được chuẩn hóa và giao dịch trên sàn
Phụ thuộc vào thỏa thuận tự do giữa các bên
Không có ngày thanh toán cố định
Quyền lợi nào mà hợp đồng quyền chọn cung cấp cho người mua?
Quyền hoán đổi dòng tiền
Quyền yêu cầu mua hoặc bán tài sản cơ sở
Quyền nhận lãi suất cố định
Quyền hủy hợp đồng
Mục đích chính của các hợp đồng phái sinh là gì?
Đầu tư dài hạn
Đảm bảo rủi ro, đầu cơ và chênh lệch giá
Quản lý tài sản cố định
Bảo hiểm cho tài sản cá nhân
Vai trò của thị trường phái sinh không bao gồm:
Tạo ra cơ chế khám phá giá
Phân tán rủi ro
Tăng chi phí giao dịch
Cung cấp thông tin giá cả hiệu quả
Chức năng chuyển giao rủi ro thuộc vai trò nào của thị trường phái sinh?
Chức năng kinh tế
Chức năng pháp lý
Chức năng tài chính
Chức năng tổ chức
Where was the first futures exchange established?
New York
London
Osaka
Chicago
Khái niệm 'Backwardation' là gì?
Where was the first futures exchange established?
New York
London
Osaka
Chicago
What is the concept of 'Backwardation' in the derivatives market?
Commodity prices in distant months are lower than in near months
Commodity prices in distant months are higher than in near months
The market tends to decrease in price
The market tends to increase in price
Thực thể nào KHÔNG tham gia trực tiếp vào thị trường phái sinh?
Sàn giao dịch chứng khoán
Ngân hàng thương mại
Cơ quan quản lý nhà nước
Công dân bình thường
'Margin Call' trong thị trường phái sinh đề cập đến điều gì?
Yêu cầu thêm ký quỹ
Giá chào thị trường
Trạng thái vị thế dài
Trạng thái vị thế ngắn
Thị trường phái sinh có lợi thế gì so với thị trường giao ngay?
Chi phí thấp, thanh khoản cao
Giao dịch dễ dàng hơn
Đơn giản và không yêu cầu ký quỹ
Không bị ảnh hưởng bởi biến động giá
Năm nào thị trường phái sinh chính thức được ra mắt tại Việt Nam?
2015
2016
2017
2018
What is the first financial derivative instrument in Vietnam?
Swap contract
Interest rate option
USD/VND futures contract
VN30 index futures contract
What characteristic does a swap contract have?
It is a personal contract between two parties
It is a legal agreement to swap financial cash flows between two parties
It is traded on a centralized exchange
It has no defined time frame
Tần suất thanh toán hợp đồng phái sinh được xác định bởi:
Hai bên ký hợp đồng
Sàn giao dịch chứng khoán
Ngân hàng Trung ương
Nhà phát hành chứng khoán
Which derivative instrument is most favored in Vietnam?
Interest rate and currency options
Gold futures
Commodity futures
Bond swaps
Which organization manages the derivatives market in Vietnam?
Ministry of Finance
Securities Depository Center
Thị trường phái sinh tại Việt Nam được quản lý bởi ai?
Bộ Tài chính
Trung tâm Lưu ký Chứng khoán (VSD)
Sở Giao dịch Chứng khoán Hà Nội (HNX)
Ngân hàng Nhà nước Việt Nam
What is a forward contract?
A type of contract listed on an exchange
An agreement to buy and sell goods at the current time at a specified price
An agreement between two parties to buy and sell goods at a specified future time at a predetermined price
A type of contract that does not require an underlying asset
Các tài sản cơ sở trong hợp đồng kỳ hạn có thể là gì?
Hàng hóa, ngoại tệ, cổ phiếu, trái phiếu
Tiền mặt và bất động sản
Chỉ số chứng khoán và các sự kiện bóng đá
Tất cả các lựa chọn trên
What is the main characteristic of a forward contract?
Traded on a centralized exchange
Freely negotiated between parties and not standardized
No credit risk
Always settled in cash
Rủi ro lớn nhất trong hợp đồng kỳ hạn là gì?
Rủi ro thanh khoản
Rủi ro tín dụng
Rủi ro vận chuyển
Rủi ro pháp lý
Hợp đồng tương lai là gì?
Một hợp đồng được thương lượng tự do giữa các bên
Một hợp đồng tiêu chuẩn được giao dịch trên sàn giao dịch tập trung
Một loại hợp đồng không có ngày hết hạn
Một hợp đồng chỉ áp dụng cho hàng hóa
What can the underlying asset of a futures contract include?
Grains, stock indices, foreign currency
Real estate and bullion
Unlisted individual stocks
Cash and local bonds
Where are forward contracts traded?
On the OTC market
At the clearing center
On the derivatives exchange
Hợp đồng tương lai được giao dịch ở đâu?
Trên sàn giao dịch OTC
Trên sàn giao dịch tập trung
Tại các ngân hàng thương mại
Tại các tổ chức tài chính phi tập trung
What is the biggest difference between a forward contract and a futures contract?
Điểm khác biệt lớn nhất giữa HĐKH và HĐTL là gì?
HĐTL được chuẩn hóa và có tính thanh khoản cao hơn
HĐKH được giao dịch trên các sàn giao dịch tập trung
HĐTL không có tài sản cơ sở
HĐKH yêu cầu ký quỹ khi giao dịch
Các nội dung chính của HĐKH là gì?
Tài sản cơ sở, giá cả, thời gian giao hàng
Chỉ có giá cả và tài sản cơ sở
Quy định về chất lượng sản phẩm nhưng không có thời gian giao hàng
Giá cả được thương lượng sau khi giao hàng
Phương pháp nào HĐTL thường được điều chỉnh hàng ngày?
Đánh giá theo thị trường
Giá trị hiện tại ròng
Phân tích chi phí-lợi ích
Định giá tương lai
What is the biggest advantage of HĐTL?
Standardization and high liquidity
Flexibility in contract terms
No margin requirement
No risk at all
Để thực hiện HĐTL, nhà đầu tư phải:
Thanh toán toàn bộ giá trị hợp đồng trước khi ký
Đặt cọc một khoản tiền nhất định theo yêu cầu của sàn giao dịch
Thanh toán sau khi hợp đồng đáo hạn
Thương lượng riêng với đối tác
Zero-Sum Game trong HĐKH có nghĩa là gì?
Lợi nhuận của một bên bằng với tổn thất của bên kia
Cả hai bên đều không có lợi nhuận cũng như tổn thất
Chỉ có người bán mới có lợi nhuận
Chỉ có người mua phải chịu tổn thất
What is a characteristic of HĐTL?
Cannot end obligations before maturity
Can be traded and settled through intermediaries
No margin requirement
Only applies to agricultural products
What is the common underlying asset in gold HĐTL?
Gold bars
Gold price index
100 ounce gold bars
Bonds secured by gold
Loại HĐKH nào không yêu cầu chuyển nhượng tài sản cơ sở?
Hợp đồng giao hàng
Hợp đồng kỳ hạn không giao hàng
Hợp đồng kỳ hạn cổ phiếu
Hợp đồng kỳ hạn hàng hóa
Mark-to-Market được sử dụng để làm gì?
What is the underlying asset?
Delivery Contract
Non-Deliverable Forward
Equity Forward Contract
Commodity Forward Contract
What is Mark-to-Market used for?
Adjusting the value of futures contracts according to daily market prices
Determining the payment value of futures contracts
Classifying underlying assets
Calculating transaction fees
Các lợi ích của hợp đồng tương lai là gì?
Không có rủi ro tín dụng
Được thiết kế linh hoạt để đáp ứng nhu cầu của cả hai bên
Thanh khoản cao
Không cần thỏa thuận giá trước
Các nhược điểm của hợp đồng tương lai là gì?
Độ linh hoạt thấp
Không được chuẩn hóa
Không yêu cầu ký quỹ
Chỉ áp dụng cho thị trường OTC
Hệ thống giao dịch dựa trên lệnh hoạt động theo nguyên tắc nào?
Ưu tiên giá và thời gian
Ưu tiên khối lượng lớn
Ưu tiên nhà đầu tư tổ chức
Ưu tiên nhà tạo lập thị trường
Vai trò của nhà tạo lập thị trường trong giao dịch hợp đồng tương lai là gì?
Định giá tài sản cơ sở
Cung cấp giá mua và giá bán
Thực hiện kiểm soát chất lượng hàng hóa
Đặt mức tăng giá tối thiểu
What is a Limit Order in futures trading?
An order executed immediately at market price
An order to buy or sell at a specific price or better
An order that is fully executed or canceled
An order that is executed after the market closes
Đơn hàng Thị trường sẽ được ưu tiên với điều gì?
Đơn hàng có giá tốt nhất tại thời điểm đó
Đơn hàng sớm nhất trong ngày
Đơn hàng có khối lượng lớn nhất
Đơn hàng của các nhà đầu tư tổ chức
What is the principle of order matching in futures trading?
Priority based on volume
Priority based on price and time
Priority for trading at closing prices
Priority for individual investors
What is a Fill or Kill (MOK) order?
A market order that will be canceled if not fully filled
An order that is partially filled and the remaining is canceled
An order executed immediately at the opening price
An order matched according to g
What is a full match or cancel (MOK)?
Market order that will be canceled if not fully matched
Order partially matched and the remaining is canceled
Order executed at the opening price
Order matched at the limit price
What is the purpose of speculators participating in the futures market?
Hedging risk
Making profit from price fluctuations
Executing actual deliveries
Managing long-term assets
What is the price step in futures trading?
Maximum price change allowed in a day
Minimum price change for each order match
Starting price of each trading session
Payment value at expiration
How is the trading volume in a day calculated?
Total number of open contracts
Total contracts matched in a day
Total buy and sell orders
Number of contracts expiring in a day
What does the order matching method in the futures market ensure?
Priority for cash transactions
Orders executed randomly
Principle of price and time priority
Only trading with market makers
What are the characteristics of electronic trading?
All trading operations are automated
Only applicable for limit orders
Requires participation of brokers
Does not support order modification
What is an open interest position?
Number of closed contracts
Number of open buy or sell contracts
Total trading volume in a day
Number of pending orders
What is the purpose of margin in futures trading?
Ensuring financial obligations between parties
Reducing transaction fees
Increasing investment profits
Avoiding liquidity risks
What is a stop order typically used for?
Taking profit when prices rise sharply
Cutting losses when prices drop to a certain level
Closing positions at expiration
Placing buy orders below market price
What conditions are required for a negotiated transaction?
Must be confirmed by both parties
Kh
What conditions are required for a negotiated transaction?
Must be confirmed by both parties
Cannot be modified or canceled after confirmation
Must be entered into the system before trading hours
Both A and B
What is a Stop Limit Order?
A limit order and a market order
A stop order and a limit order
A market order and a stop order
An order to fill completely or cancel
How is the opening price in futures trading determined?
The first matched price of the first trading session of the day
The closing price of the previous day
The average price of transactions during the day
The highest bid price
If the open position is not closed before the delivery date, the exchange will:
Cancel the contract
Default to require actual delivery
Extend the contract
Not be responsible
When is a Conditional Order typically executed?
When the market price reaches a predetermined level
When the order is not filled on the trading day
When the trading volume reaches the required level
When the price range exceeds the limit
What role do clearing members play in the futures market?
Ensure payment between trading parties
Price the underlying asset
Quality control of goods
Determine the price fluctuation range
What is the underlying asset of VN30 futures?
Individual stocks
VN30 index
Government bonds
Foreign currency
What are the trading hours for VN30 futures?
8:00 AM to 2:45 PM
8:45 AM to 2:45 PM
9:00 AM to 3:00 PM
8:00 AM to 3:30 PM
What is the last trading day for VN30 futures?
The last working day of the expiration month
The first Friday of the expiration month
The third Friday of the expiration month
The last day of the month
What is the payment method upon expiration of VN30 futures?
Cash payment
Payment in shares
Payment in...
What is the payment method when the VN30 futures contract matures?
Cash payment
Payment in shares
Payment in gold
Payment in physical goods
What is the price fluctuation range of VN30 futures?
±5%
±7%
±10%
±15%
Which months are included in the VN30 futures expiration month?
Current month and next month
Current month, next month, and the last two months of the next two quarters
Beginning and end of the year
Beginning and end of the quarter
What is the minimum price step of VN30 futures?
0.05 index points
0.1 index points
1 index point
5 index points
What is the contract multiplier of VN30 futures?
100,000 VND
1,000,000 VND
10,000,000 VND
100,000,000 VND
Which order cannot be used in the periodic matching session?
LO order
ATO order
ATC order
MTL order
What does MOK order mean?
Market order that matches completely or is canceled
Market order that matches partially and cancels the remaining
Order to buy/sell at the best price
Limit order with a fixed price
The collateral of an investor must ensure:
Below the initial margin
Between the maintenance margin and the initial margin
Above the initial margin
Always at the supplementary margin
What is the principle of order matching in VN30 futures trading?
Priority of price and volume
Priority of time and volume
Priority of price and time
Priority of institutional investors
When is the profit/loss settlement for VN30 futures positions conducted?
At the end of the trading day
Immediately after the order is matched
The next working day
On the contract expiration date
An investor holding 5 VN30 contracts at a price of 1,200 points. If the price increases to 1,205 points, the profit will be:
25,000,000 VND
5,000,000 VND
50,000,000 VND
10,000,000 VND
In December, the listed contracts include:
If VN30 is at 1,200 points and the price increases to 1,205 points, the profit will be:
25,000,000 VND
5,000,000 VND
50,000,000 VND
10,000,000 VND
In December, the listed contracts include:
December, January, March, and June
December, January, February, and March
December, February, April, and June
December, January, February, and April
The transaction fee for VN30 futures at SSI is temporarily calculated at:
0.05% of the nominal margin value
0.1% of the transaction value
0.5% of the contract value
0.02% of the contract value
If the margin balance is lower than the maintenance margin, the investor needs to:
Close the contract
Supplement the margin
Switch to waiting status
Extend the contract
When does a limit order (LO) remain valid?
Until the end of the trading day
When the investor modifies the order
When the order is fully matched
Both A and C
The maximum number of VN30 contracts per order is:
100 contracts
200 contracts
500 contracts
1,000 contracts
The reference price for VN30 futures is:
The last matched price of the previous session
The opening price of the current day
The highest price in the previous session
The lowest price in the previous session
The minimum trading volume in agreement trading is:
1 contract
5 contracts
10 contracts
50 contracts
What is the initial margin for VN30 contracts?
10% of the contract value
17% of the contract value
20% of the contract value
25% of the contract value
Which type of order does not specify a price?
ATO/ATC order
LO order
MP order
Both A and C
If the price fluctuation range is ±7% and the reference price is 1,200 points, the ceiling price is:
1,284 points
1,300 points
1,260 points
1,270 points
How much is a VN30 contract worth if the current index is 1,300 points?
1,300,000 VND
1,300,000,000 VND
130,000,000 VND
13,000,000 VND
Which order is canceled immediately if it does not match?
MOK order
LO order
ATC order
What is the current index if it is 1.300?
1,300,000 VND
1,300,000,000 VND
130,000,000 VND
13,000,000 VND
Which order is canceled immediately if it does not match?
MOK Order
LO Order
ATC Order
MAK Order
On which exchange is VN30 futures traded?
HOSE
HNX
UPCOM
VSD
What is the unit of price step?
1,000 VND
5,000 VND
10,000 VND
100,000 VND
When can investors buy and sell the same type of futures?
In the same trading session
In different sessions
Only on the expiration date
Only with contracts of different months
When is the payment date for VN30 futures expiration?
On the expiration date
The next working day after the expiration date
After 3 working days
After 7 working days
How is the value of a futures contract determined?
Difference between spot price and futures price
Current value of futures price minus spot price
Difference between spot price and current value of futures price
Futures price minus spot price
How is the futures price of a non-dividend asset calculated?
Spot price multiplied by interest rate plus 1
Spot price divided by interest rate
Spot price multiplied by e^(interest rate times time)
Spot price minus interest rate
When the spot price of the underlying asset increases, the value of the long position in futures will:
Increase
Decrease
Remain unchanged
Depend on the interest rate
Futures are commonly used for:
Speculation
Hedging risk
Both A and B
No correct answer
The value of futures at the time of signing is usually:
Positive
Negative
Zero
Depends on the underlying asset price
Where are futures traded?
Centralized market
Over-the-counter market (OTC)
Both A and B
No correct answer
The standardization of futures is reflected in:
Trading volume
Expiration time
Contract size
All of the above
What is the normalization of futures contracts reflected in?
Transaction volume
Maturity period
Contract size
All of the above
When the underlying asset price decreases, the value of the short position in futures contracts will:
Increase
Decrease
Remain unchanged
Depend on the interest rate
The value of futures contracts at maturity is determined by:
Spot price minus futures price
Futures price minus spot price
Spot price plus futures price
Spot price times futures price
Futures contracts have higher liquidity than futures contracts because:
They are traded on centralized exchanges
They are standardized
They have a daily settlement mechanism
All of the above reasons
When interest rates rise, the futures price of a non-dividend-paying asset will:
Increase
Decrease
Remain unchanged
Depend on the spot price
What is a secured warrant (CW)?
A security without collateral
A call option issued by the Exchange
A security with collateral issued by a securities company
Shares issued by a public company
A call warrant allows investors to exercise the right to buy the underlying security at a specified price on:
Before the issuance date
Any day before or on the expiration date
Only on the issuance date
After the expiration date
What is the conversion ratio in CW transactions?
The ratio between the CW price and the underlying security price
The ratio between the number of warrants and the number of underlying securities
The expected profit ratio
The required margin ratio
The trading time of warrants in the secondary market is:
According to bank working hours
The same as stock trading hours on the HOSE
24/7
Only traded on the expiration date
What formula determines the ceiling price of a warrant?
Reference price CW + (Stock price × HOSE fluctuation range) / Conversion ratio
Reference price CW - (Stock price × HOSE fluctuation range
What is the ceiling price of a warrant determined by?
Reference price CW + (CKCS price × HOSE fluctuation range) / Conversion rate
Reference price CW - (CKCS price × HOSE fluctuation range) / Conversion rate
(Reference price CW × HOSE fluctuation range) / CKCS price
There is no fixed formula
What does an investor receive when holding a profitable call warrant?
The difference between the exercise price and the underlying security price
Refund of the call warrant purchase fee
A fixed dividend
Bonus shares
At maturity, a CW is in a loss state when:
CKCS price > Exercise price
CKCS price < Exercise price
CKCS price = Exercise price
CKCS price equals the ceiling price
The term of a guaranteed warrant usually lasts for:
1 - 12 months
3 - 24 months
6 - 36 months
Unlimited
The payment method of CW includes:
Only cash payment
Only transfer of underlying securities
Payment in cash or transfer of underlying securities
Payment as required by the exchange
The intrinsic value of CW is determined by the formula:
Exercise price - Underlying security price
Underlying security price - Exercise price
CW price × Conversion rate
Issue price of CW + Transaction fee
When the underlying security price increases, the price of the call warrant will:
Increase
Decrease
Remain unchanged
Gradually decrease after the issuance date
Which factor does NOT directly affect the price of CW?
CKCS price
CKCS price volatility
Market interest rates
History of CW issuance
The purchase fee of CW is determined based on:
Conversion rate
Underlying security price
Issue price of CW and transaction fee
Intrinsic value
The fluctuation range of CW price depends on:
Fluctuation range of CKCS on HOSE
Time value of CW
Risk-free interest rate
Term of CW
In which case can foreign investors buy CW?
What does the price of CW depend on?
Amplitude of CKCS fluctuations on HOSE
Time value of CW
Risk-free interest rate
Maturity of CW
In which case can foreign investors buy CW?
The purchase warrant belongs to a stock category that has run out of room
Only through the primary market
When the price of CW reaches the ceiling price
When interest rates decrease
What is the biggest advantage of CW compared to underlying stocks?
No limit on price fluctuation range
Low investment capital, high profit
Long maturity period
Lower transaction fees than stocks
In a loss state of CW, the maximum risk that investors bear is:
Losing all initial investment capital
Having to pay additional fees
Unable to sell CW on the secondary market
Only losing 50% of capital
Why does the price of CW fluctuate more strongly than CKCS?
Due to the conversion ratio
Because CW has high financial leverage
Due to low liquidity
Because it is not subject to the management of UBCKNN
What characteristic of CW helps reduce risk for investors?
Maximum loss equals the cost of buying CW
Not subject to tax when trading
Can be redeemed early upon request
Insured against risks from the exchange
The maximum profit of CW is determined:
Unlimited
By the difference between CKCS price and exercise price
By intrinsic value minus costs
By the issue price plus CKCS price
An investor buys 1,000 purchase warrants at 2,000 VND/CW. The exercise price is 50,000 VND, and the current price of the underlying stock is 55,000 VND. Calculate the intrinsic value of the warrant.
3,000 VND
5,000 VND
10,000 VND
2,000 VND
An investor buys 500 CW at 1,500 VND/CW. The exercise price is 40,000 VND and the underlying stock price rises to 45,000 VND at maturity. Calculate the investor's profit if the conversion ratio is 5:1.
1,500,000 VND
2,500,000 VND
3,500,000 VND
4,500,000 VND
A warrant has an exercise price of 60,000 VND, and the conversion ratio is 2:1.
What is the profit of the investor if the conversion ratio is 5:1?
1,500,000 VND
2,500,000 VND
3,500,000 VND
4,500,000 VND
A warrant has an exercise price of 60,000 VND, and a conversion ratio of 2:1. The underlying stock price is 65,000 VND. Calculate the intrinsic value of the CW.
2,500 VND
5,000 VND
7,500 VND
10,000 VND
An investor buys 1,200 CW at 2,000 VND/CW, with an exercise price of 80,000 VND. At maturity, the underlying stock price is 85,000 VND. Calculate the total profit or loss of the investor.
1,200,000 VND profit
2,400,000 VND profit
2,400,000 VND loss
3,600,000 VND profit
A CW has a price of 2,000 VND, an exercise price of 50,000 VND, and the underlying stock price is 48,000 VND. What is the time value of the CW?
0 VND
2,000 VND
3,000 VND
-2,000 VND
The current underlying stock price is 60,000 VND, the exercise price is 58,000 VND, and the conversion ratio is 1:2. An investor buys 1,000 CW at 2,500 VND/CW. Calculate the intrinsic value.
500 VND
1,000 VND
2,000 VND
2,500 VND
The underlying stock price is 75,000 VND, the exercise price is 70,000 VND, and the conversion ratio is 1:3. If an investor holds 600 CW, calculate the total intrinsic value.
1,000,000 VND
900,000 VND
1,500,000 VND
2,000,000 VND
A CW has an exercise price of 90,000 VND and the underlying stock price is 95,000 VND. The conversion ratio is 10:1. If an investor buys 500 CW, what is the total intrinsic value?
2,500 VND
25,000 VND
50,000 VND
75,000 VND
The CW price is 3,000 VND, the exercise price is 70,000 VND, the underlying stock price is 72,000 VND, and the conversion ratio is 1:1. What is the time value of the CW?
1,000 VND
2,000 VND
3,000 VND
0 VND
An investor buys 1,000 CW at 1,200 VND/CW, with an exercise price of 60,000 VND. The underlying stock price is 65,000 VND. Calculate the total profit of the investor if the CW matures.
3,000,000 VND
5,000,000 VND
4,800,000 VND
6,800,000 VND
What is an option contract?
What is the total profit of the investor if the CW matures?
3,000,000 VND
5,000,000 VND
4,800,000 VND
6,800,000 VND
What is an option contract?
A contract to buy or sell an asset at an agreed price
A contract that allows the buyer the right but not the obligation to buy or sell an underlying asset
A contract that requires the buyer to exercise the right on the expiration date
A contract to exchange two underlying assets at a fixed rate
What fee must the option buyer pay?
Transaction fee
Option fee
Exercise fee
Underlying asset fee
What is a Call Option?
The right to buy stocks at market price
The right to sell an underlying asset at an agreed price
The right to buy an underlying asset at an agreed price on or before the expiration date
The right to execute the contract on the expiration date
What is a Put Option?
The right to buy an underlying asset at an agreed price
The right to sell an underlying asset at an agreed price on or before the expiration date
The right to refuse to execute the contract
The right to swap two underlying assets
Which type of option allows exercising the right at any time before or on the expiration date?
European style
American style
Bermuda style
Asian style
If the price of the underlying asset is higher than the exercise price for a call option, the state is:
In the money (ITM)
Out of the money (OTM)
At the money (ATM)
No state
When is the state of a put option OTM?
When the price of the underlying asset is lower than the exercise price
When the price of the underlying asset equals the exercise price
When the price of the underlying asset is higher than the exercise price
When the price of the underlying asset does not change
The option fee includes:
Intrinsic value and time value
Exercise price and market price
Interest rate and intrinsic value
Value of the underlying asset
The breakeven point of a call option is calculated by:
What is the breakeven point of a call option calculated by?
Exercise price + Option fee
Exercise price - Option fee
Underlying asset price + Option fee
Underlying asset price - Exercise price
What is the breakeven point of a put option calculated by?
Exercise price - Option fee
Exercise price + Option fee
Underlying asset price - Option fee
Underlying asset price + Exercise price
If the exercise price of a call option is 100, the underlying asset price is 110 and the option fee is 5, what is the investor's profit?
5
10
15
No profit
When can a European call option be exercised?
Any time before expiration date
On expiration date
Within a certain period before expiration date
No specific time limit
The underlying asset of an option can include:
Stocks
Commodities
Securities index
All of the above
If the underlying asset price is 50, the exercise price of the put option is 55, and the option fee is 2, what is the maximum profit?
5
7
3
2
Options designed and listed on an exchange are called:
OTC options
Standardized options
Custom-designed options
Special options
Who is responsible for fulfilling obligations when an option is exercised?
Option buyer
Option seller
Broker
Exchange
What is the maximum profit of a call option?
Unlimited
Exercise price - Underlying asset price
Option fee
0
What is the maximum profit of a put option?
Unlimited
Exercise price - Option fee
Exercise price - Underlying asset price - Option fee
Exercise price + Option fee
How many rights are included in an option contract?
What is the formula for the maximum value of a call option?
C=S0
C=max(S0−X,0)
C=X(1+r)^T
C=S0−X
What is the formula for the minimum value of an American put option?
P≥X−S0
P≤S0−X
P≥max(0,X−S0)
P=X(1+r)^T−S0
What is the relationship between the prices of call and put options?
C+P=S0+X
C+P=S0−X
C−P=S0−X(1+r)^−T
C=P
Which model is used for pricing options?
American options
European options
Bermuda options
All types of options
Which type of option does Black-Scholes apply to?
American option
European option
Bermuda option
All types of options
The time value of an option is:
Option price minus intrinsic value
Option price plus intrinsic value
Strike price minus intrinsic value
Strike price plus intrinsic value
When the price of the underlying asset increases, the value of a call option will:
Increase
Decrease
Remain unchanged
Depend on the strike price
What variables are included in the Black-Scholes call option pricing formula?
Current stock price, strike price, time, risk-free interest rate, volatility
Strike price, intrinsic value, time
Risk-free interest rate, time value, strike price
Current stock price, intrinsic value, time
The current price of the underlying asset is 100, the strike price is 90. Calculate the intrinsic value of the call option.
10
20
0
90
The current price of the underlying asset is 80, the strike price is 100. Calculate the intrinsic value of the put option.
10
20
0
80
The current price of the underlying asset is 120, the strike price is 100. The option fee is 30. Calculate the time value of the call option.
10
20
30
0
The current price of the underlying asset is 90, the strike price is 100. The option fee is 15. Calculate the time value of the put option.
15
25
0
5
A call option has a current underlying asset price of 120, a strike price of 100, and an option fee of 25. Calculate the profit if the underlying asset price at expiration is 140.
15
25
35
45
The current price of the underlying asset is 50, the strike price is 55, and the put option fee is 5. Calculate the total loss if the underlying asset price at expiration is 60.
10
