2. What is the "bid ask spread as it applies to financial markets? [2] 3. Define the term "derivative" as it apply to financial markets giving: a. An example of a derivative b. A description of why an investor might want to buy THAT derivative [3] c. Describe what are Futures, comparing and contrasting them with Forwards [3] d. Define the terms "In-the-Money", "At-the-Money" and "Out-the-money" [3] e. Define the terms "Covered Call", and "Naked Writing" [3]