Select from the option list provided the most appropriate term for each description below. Each choice may be used once, more than once, or not at all. Description Term Hedge Forward contract Forward contract Hedge 1. A strategy to protect an entity from adverse price movements 2. An agreement customized to the specific needs of the contracting parties 3. An agreement that is standardized and traded on an exchange 4. An agreement to exchange designated cash flows 5. An option contract that may be exercised at any time before the expiration date 6. An option contract that may be exercised only on the expiration date 7. The amount at which an option may be exercised 8. The right to purchase an asset at a fixed price on or before a given date 9. The right to sell an asset at a fixed price on or before a given date American option European option Call option Put option