1. What two positions/trades are involved in a protective Put?__________________ & __________________

2. If I want to construct a bull spread I would want to.(assume options on the same asset with same expiration)?
   1. Buy a high strike call and sell a low strike call
   2. Buy a low strike put and sell a high strike call
   3. Buy a high strike put and sell a low strike put
   4. Buy a low strike call and sell a high strike call

3. If you owned a stock position how would you construct a collar strategy with options?

4. A Calendar or Horizontal spread trade put on by selling a short dated call and buying a longer dated call with the same strike and underlying assets will benefit with the passage of _______________ but will be hindered by an increase in _______________.

5. American Put/Call Parity is stated as an inequality. Write it out.

6. What does the VIX index measure?

7. Assume you observe a volatility skew in options on AAPL. The stock is currently trading at $245. Which option do believe will have the highest implied volatility?
   1. A $225 strike call.
   2. A $245 strike call.
   3. A $255 strike call.