愿不负时光，不负努力，自己这么长时间的备考一定能通过CFA考试的，那在备考中还是需要日复一日的练习和学习，那今天小编给你带来了一道CFA考试题，看看你掌握了没有呢？
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.
这道题你用了几分钟呢？答案又是怎样的呢？接下来和小编一起看看这道题的解析，看看你是不是这样理解呢？
【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)
其中的核心词汇是什么呢？你找到了没有呢？毕竟CFA考试是全英文的考试，不懂英文是不行的！
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【核心词汇】
Underlying asset:标的资产
是指特定衍生产品的基础资产或其他基础衍生品。标的资产的交易市场通常也被称为现货市场。
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