题目内容

An investor bought a 15 call for $14 on a stock trading at $20. If the stock is trading at $24 at option expiration, what is the profit and the value of the call at option expiration Profit Value of the Call ①A. - $5 $5 ②B. $4 - $5 ③C. - $5 $9

A. ①
B. ②
C. ③

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Default risk in a forward contract:

A. only applies to the long, and is the probability that the short can not acquire the asset for delivery.
B. is the risk to either party that the other party will not fulfill their contractual obligation.
C. is lessened by the mark-to-market feature found in a typical forward contract.

中国公民张先生是某民营非上市公司的大股东,同时也是一位作家。2013年5月取得的部分实物或现金收入如下: (1)公司为其购买了一辆轿车并将车辆所有权登记到其名下,该车购买价为35万元。经当地主管税务机关核定,公司在代扣代缴个人所得税税款时允许税前减除的数额为7万元。 (2)将本人一部长篇小说手稿的著作权拍卖取得收入5万元,同时拍卖一幅名人书法作品取得收入35万元。经税务机关确认,所拍卖的书法作品原值及相关费用为20万元。 (3)受邀为某企业家培训班讲课两天,取得讲课费3万元。 (4)当月转让201 3年2月购入的境内某上市公司股票,扣除印花税和交易手续费等,净盈利5320.56元。同时因持有该上市公司的股票取得公司分配的2012年度红利2000元。 (5)因有一张购物发票中奖,取得1000元奖金。 [问题]根据上述资料,按序号回答下列问题,如有计算,每问需计算出合计数。 计算张先生取得长篇小说手稿著作权拍卖收入应缴纳的个人所得税。

A 60-day $10 million forward rate agreement (FRA) on 90-day London Interbank Offered Rate (LIBOR) (a 2 × 5 FRA) is priced at 4 percent. If 90-day LIBOR at the expiration date is 4.1 percent, the long:

A. receives $2500.00.
B. receives $2474.63.
C. pays $2500.00.

Some forward contracts are termed cash settlement contracts. This means:

A. either the long or the short in the forward contract will make a cash payment at contract expiration and the asset is not delivered.
B. at settlement, the long purchases the asset from the short for cash.
C. at contract expiration, the long can buy the asset from the short or pay the difference between the market price of the asset and the contract price.

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