21) What is the main difference between options and futures contracts?
a) Options contracts are more flexible and customizable than futures contracts
b) Futures contracts provide a way to borrow money, while options contracts provide a way to invest in stocks
c) Options contracts have higher leverage than futures contracts
d) Futures contracts have higher leverage than options contracts
22) What is a call option?
a) An option to sell an asset
b) An option to buy an asset
c) An option to borrow money
d) An option to hedge against risk
23) What is a put option?
a) An option to sell an asset
b) An option to buy an asset
c) An option to borrow money
d) An option to hedge against risk
24) What is the option premium?
a) The price at which the underlying asset can be bought or sold
b) The amount of money that must be paid to purchase an option
c) The difference between the strike price and the market price of the underlying asset
d) The interest rate on the borrowed money
25) What is the expiration date of an option?
a) The date on which the underlying asset must be delivered
b) The date on which the option can be exercised
c) The date on which the option premium must be paid
d) The date on which the option was initially purchased
