CFA 2026 Level I Derivatives Option Contracts Free Quiz 2

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CFA 2026 Level I Derivatives Option Contracts Free Quiz 2

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CFA 2026 Level I Derivatives Option Contracts Free Quiz 2

Practice CFA 2026 Level I Derivatives MCQs from Option Contracts. Get instant results with Explanation.

General5 MCQs

11. What is a covered call strategy?

A. Selling a call without owning the underlying.B. Owning the underlying and buying a put.C. Selling a put and owning the underlying.D. Owning the underlying and selling a call.

12. What is a protective put strategy?

A. Owning the underlying and buying a put.B. Owning the underlying and selling a call.C. Selling a put.D. Buying a call.

13. What is a strategy that buys both a call and a put with the same strike and expiration?

A. Short straddle.B. Long straddle.C. Strangle.D. Butterfly spread.

14. When is a call option in-the-money?

A. Call is ITM when S < X; put is ITM when S > X.B. Call is ITM when S > X; put is ITM when S > X.C. Call is ITM when S > X; put is ITM when S < X.D. Call is ITM when S < X; put is ITM when S < X.

15. What is the payoff of a long call option at expiration?

A. max(0, X - ST)B. -max(0, ST - X)C. ST - XD. max(0, ST - X)

General5 MCQs

16. What is the payoff of a long put option at expiration?

A. max(0, X - ST)B. max(0, ST - X)C. -max(0, X - ST)D. X - ST

17. Where are options traded?

A. Only on exchanges.B. On exchanges and OTC.C. Only OTC.D. Only in dark pools.

18. What is the date on which an option expires?

A. Strike price.B. Premium.C. Expiration date.D. Underlying price.

19. How does the value of a European option compare to an American option?

A. European options have higher value than American options.B. American options have higher or equal value than European options.C. Both have the same value.D. American options have lower value than European options.

20. What is the put-call parity relationship?

A. C + S = P + PV(X)B. C - P = S - PV(X)C. C + PV(X) = P + SD. C + P = S + PV(X)

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Conducting Body: CFA Institute

Frequency: 4 times a year (February, May, August, November) | Time: 135 Minutes

Negative Marking: No

⚡ Test Pattern (Total: 90 MCQs):

Alternative Investments: 8 MCQs
Corporate Issuers: 7 MCQs
Derivatives: 5 MCQs
Economics: 7 MCQs
Equity Investments: 12 MCQs
Ethics: 16 MCQs
Financial Statement Analysis: 11 MCQs
Fixed Income: 11 MCQs
Portfolio Management: 9 MCQs
Quant Methods: 6 MCQs

Merit Formula: -

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