题目内容

A firm with fixed-rate debt that expects interest rates to fall may engage in a swap agreement to

A. pay fixed-rate interest and receive floating rate interest.
B. pay floating rate and receive fixed rate.
C. pay fixed rate and receive fixed rate.
D. pay floating rate and receive floating rate.

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A put option whose exercise price exceeds the spot rate is said to be ________.

A. in-the-money
B. at-the-money
C. out-of-the-money
D. over-the-spot

An option can be exercised only on its expiration date, whereas an option can be exercised anytime between the date of writing up to and including the exercise date.

American; European
B. American; British
C. Asian; American
D. European; American

A speculator that has a futures contract has taken a position.

A. sold; long
B. purchased; short
C. sold; short
D. purchased; sold

A/An ________ letter of credit is an payment obligation only of the issuing bank but no other banks.

A. irrevocable
B. revocable
C. confirmed
D. unconfirmed