问题 单项选择题

Frank Jameson is a portfolio manager with 90 percent of the large-cap diversified mutual fund he controls invested in common stocks. Jameson is concerned the overall market will decline by a significant amount over the next two months due to a slowing of the general economy. Which of the following actions will provide a hedge for the mutual fund()

A. Purchasing call options on the S&P 500. 

B. Writing put options on the S&P 500. 

C. Purchasing put options on the Standard and Poor’s 500 Index (S&P 500).

答案

参考答案:C

解析:

A put option guarantees the buyer can sell the asset to the writer at the exercise price, on or before its expiration. Puts allow traders to earn a positive return when the underlying asset decreases in value. A diversified mutual fund can trade in S&P500 Index options, thereby closely matching the large-cap diversified portfolio. If the market declines, some or all of the losses on the portfolio will be offset by gains on the index put options.

阅读理解

Once my father asked me to hold his hammer while he repaired something, so we could have some time to talk to each other.

For 22 years, after I left home for college, he called me every Sunday at 9 am. He was always interested in my life and how my family was doing, and I never once heard him complain about his own life.

Nine years ago when I bought my first house, my father, 67 years old, spent eight hours a day painting it for three days. He would not allow me to pay someone to have it done. All he asked for was a glass of iced tea and for me to hold a paint brush for him and talk to him. But I was too busy.

Five years ago, at age 71, my father spent five hours putting together a swingset (秋千组) for my daughter. Again, all he asked was that I get him a glass of iced tea and talk to him. But again, I was too busy.

Four years ago, my father drove all the way from Denver to Topeka, with an eight-foot Colorado blue spruce (蓝叶云杉) in his trunk, so that my husband and I could have a part of Colorado growing on our land. I was preparing for a trip that weekend and couldn’t spend much time with him.

Then, one day, my father telephoned me as usual, this time from my sister’s home in Florida. We talked about the tree he had brought me, “Fat Albert”, but that morning he called it “Fat Oscar”, and he seemed to have forgotten some things. I had to get to church, so I cut the conversation short.

The call came at 4:40 pm that day: my father was in hospital in Florida with an aneurysm (动脉瘤). I got on a plane immediately, and on the way I thought of all the times I had not taken the time to talk to my father. I realized that I had no idea who he was or what his deepest thoughts were. I promised that when I arrived, I would make up for lost time.

I arrived in Florida at 1 am. My father had passed away at 9:12 pm. This time it was he who did not have time to talk to me.

小题1:Which of the following is TRUE according to the passage?

A.The writer arrived in Florida before her father passed away.

B.The writer didn’t find enough time to talk to her father all these years.

C.The writer noticed nothing unusual about her father’s health before he was put in the hospital.

D.The writer’s father brought them the Colorado blue spruce because it is an expensive kind of tree.小题2:How did the writer feel when she was rushing to the hospital where her father was staying?

A.Hopeless.

B.Sorry.

C.Frightened.

D.Disappointed.小题3:Which words best describe the writer’s father?

A.Honest and modest.

B.Strict and demanding (要求高的).

C.Talkative and positive (积极乐观的).

D.Caring and thoughtful.小题4:What’s the best title of this passage?

A.What a good father!

B.How busy I am.

C.Time keeps going.

D.My father and our family.

单项选择题