Options have a unique set of terminology. Define the following terms: (1) Call option (2) Put option

Question:

Options have a unique set of terminology. Define the following terms:
(1) Call option
(2) Put option
(3) or exercise price
(4) Expiration date
(5) Exercise value
(6) Option price
(7) Time value
(8) Covered option
(9) Naked option
(10) In-the-money call
(11) Out-of-the-money call
(12) LEAPS
Assume that you have just been hired as a financial analyst by Triple Trice Inc., a mid-sized California company that specializes in creating high-fashion clothing. Because no one at Triple Trice is familiar with the basics of financial options, you have been asked to prepare a brief report that the firm’s executives can use to gain at least a cursory understanding of the topic.

Strike Price
In finance, the strike price of an option is the fixed price at which the owner of the option can buy, or sell, the underlying security or commodity.