03.单选题 收藏 标记 纠错 Choose one of the following correctly describe the writer of a put position in the underlying asset? A Short position and short exposure of risk B Long position and long exposure of risk C Short position and long exposure of risk 上一题 下一题  正确答案C 您的答案A 本题平均正确率：52% Option难度：一般 推荐：      答案解析 Writer of an option sells out a right, so it is the short position. Also writer of a put option sells out a right to sell something in the future, so when the price of underlying asset goes done, then the writer must buy it at the strike price if the long put position exercise the option, so it is also the same as long exposure of risk. 问：请问“long exposure of risk”的含义是什么呢？如果用图表示的话是哪一块？

02.单选题 已收藏 标记 纠错 Choose one of the following is most similar to a short position in the underlying asset? A Writing a put. B Buying a call. C Buying a put. 查看解析 上一题 下一题 正确答案C 您的答案C本题平均正确率：57% Option难度：一般 推荐：      答案解析 Buying a put is most similar to a short position in the underlying asset because the put increase the value if the underlying asset value decreases. The writer of a put and the holder of call have a long exposure to the underlying asset because their positions increase in value if the underlying asset value increase. 问：对于标的资产是卖，所以是put；默认表示拥有一项权利，是long=>所以是 long put。 我这样理解对吗？

2.单选题 已收藏 标记 纠错 Determine the upcoming payments on a swap with a notional principal of $5,000,000 in which the fixed-rate payer makes semiannual fixed payments of 10% and the counterparty makes floating-rate payments at Euribor. The Euribor rate at the last settlement period was 8%.The fixed-rate payments are made on the basis of 180 days in the settlement period and 365 days in a year. The floating-rate payments use a 180/360 day convention. A The net payment is $16,010 from the fixed-rate payer to the floating-rate payer. B The net payment is $46,500 from the fixed-rate payer to the floating-rate payer. C The net payment is $18,750 from the floating-rate payer to the fixed-rate payer. 查看解析 上一题 下一题 正确答案B 您的答案A本题平均正确率：55% Swap 难度：一般 推荐：      答案解析 5000000*(10%*180/365-8%*180/360) = 46,500. 问：固浮互换那张图 相关的定量计算 还会考吗？基础课里没提这块

老师讲到 NPV再投资收益率合理、IRR再投资收益率不合理。 我不太理解这两句话，可以仔细讲一下吗？

1.accured revenue 和 accounts receivable都是属于资产吗 2. 这两个完全等同吗，如果不是有什么区别

27. The least likely explanation for why fiscal policy cannot stabilize aggregate demand completely is that: A. private sector behavior changes overtime. B. policy changes are implemented very quickly. C. fiscal policy focuses more on inflation than on unemployment. 为什么不选C呢？

valuation allowance可以因为预期未来收益增加回转吗？

25. Given an independent central bank, monetary policy actions are more likely than fiscal policy actions to be: A. implementable quickly. B. effective when a specific group is targeted. C. effective when combating a deflationary economy. 书本上的答案解释太简单，请说明B为什么不对？

关于第四个example，如果卖一为74.3（300手），卖二为74.33（200手）。新limit buy为74.32（400手），那么会成交74.3的300手和74.33的100手吗？因为这样买下来400股的平均价格还是低于limit74.32的。会这样买入吗？如果是一个immediate-or-cancel order会有多少被cancel？

为什么保证金部分对于资产来说没有变动，他不是支付出去了吗