"Derivative"exercise:Derivative instrument

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來(lái)源: 正保會(huì)計(jì)網(wǎng)校編輯：小鞠橘桔 2020/11/05 09:46:55　字體：大小

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Questions 1:

A derivative can best be described as a financial instrument that:

A、 duplicates the underlying asset’s performance.

B、 transforms the underlying asset’s performance.

C 、passes through the underlying asset’s returns.

Questions 2:

Which of the following is most likely to be a feature common to both forward and futures contracts?

A、 Daily marking to market of contracts

B 、Standardization of the contract’s terms and conditions

C 、Their use for hedging or speculation

View answer resolution

【Answer to question 1】B

【analysis】

B is correct. The best characterization of a derivative is that it typically transforms the underlying asset’s performance.

A is incorrect. A derivative transforms the performance of the underlying asset rather than duplicating the performance of the underlying asset.

C is incorrect. A derivative transforms the performance of the underlying asset rather than passing through the returns of the underlying asset.

【Answer to question 2】C

【analysis】

C is correct. Both forward and futures contracts can be used for hedging an exposure or speculating on the particular price direction of the underlying security.

A is incorrect. Daily marking to market is a feature associated only with futures contracts.

B is incorrect. Standardized contract terms and conditions are associated only with futures contracts.

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