愿不負時光，不負努力，自己這么長時間的備考一定能通過CFA考試的，那在備考中還是需要日復一日的練習和學習，那今天小編給你帶來了一道CFA考試題，看看你掌握了沒有呢？

At expiration, the exercise value of a put option is:

A  positive if the underlying asset price is less than the exercise price.

B  zero only if the underlying asset price is equal to the exercise price.

C  negative if the underlying asset price is greater than the exercise price.

這道題你用了幾分鐘呢？答案又是怎樣的呢？接下來和小編一起看看這道題的解析，看看你是不是這樣理解呢？

【答案及解析】A The exercise value of a put option is positive at expiration if the underlying asset price is less than the exercise price. Its exercise value is zero if the underlying asset price is greater than or equal to the exercise price. The exercise value of an option cannot be negative because the holder can allow it to expire unexercised. (LOS 48.d)

其中的核心詞匯是什么呢？你找到了沒有呢？畢竟CFA考試是全英文的考試，不懂英文是不行的！

【核心詞匯】

Underlying asset:標的資產

是指特定衍生產品的基礎資產或其他基礎衍生品。標的資產的交易市場通常也被稱為現貨市場。

在2021年CFA考試中希望大家都能順順利利，如有什么需要可以在線咨詢。