Elizabeth owns a call option on 100 shares of Microsoft stock. She has decided to buy those shares

1.	Which one of the following grants its owner the right to buy or to sell an asset at a prespecified price at any time during a stated period?    A.  option B.  forward contract C.  futures contract D.  swap E.  intrinsic contract Refer to section 24.1

2.	Elizabeth owns a call option on 100 shares of Microsoft stock. She has decided to buy those shares. This purchase is commonly referred to as:    A.  striking the asset. B.  expiring the option. C.  exercising the option. D.  putting the collar. E.  the collar option. Refer to section 24.1

3.	Marti owns an option that allows him to purchase ABC stock at $50 a share. The $50 price is referred to as the:    A.  opening price. B.  intrinsic value. C.  strike price. D.  market price. E.  time value. Refer to section 24.1

4.	What is the final day on which an option can be exercised called?    A.  payment date B.  ex-option date C.  opening date D.  expiration date E.  intrinsic date Refer to section 24.1