When a put option is exercised, the: Multiple Choice seller of the option receives the strike price. seller of the option receives the option premium. buyer of the option sells the underlying asset and receives the option premium. buyer of the option pays the option premium and receives the underlying asset. seller of the option must buy the underlying asset and pay the strike price. A fixed-income security is defined as: Multiple Choice a debt obligation that pays a fixed rate of return for a one-year period. common or preferred stock that pays a fixed annual dividend. a long-term debt obligation that pays scheduled fixed payments. long-term debt issued solely by a federal or state government. any security originally issued as either debt or equity that pays a fixed, pre-set payment