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
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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
Which of the following is NOT true regarding a letter of credit?
A. The importer and exporter agree on a transaction.
B. The importer applies to its local bank for the issuance of a letter of credit.
C. The exporter applies to its local bank for the issuance of a letter of credit.
D. The importer's bank may require the importer to deposit part of the contract value based on its assessment of the credit worthiness of the importer.
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