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　　Exercise：
　　A covered call position is equivalent to:
　　A.      a long position in the stock and a long position in the call option
　　B.      a short put position
　　C.      a short position in the stock and a long position in the call option
　　D.      a short call position
　　Answer: B
　　A covered call position is a long position in the stock and a short position on the call option. The payoff to this position is equivalent to a short put position, in which both have eliminated the upside potential but still have the downside exposure.
　　相关知识点：Covered Call and Protective Put
　　Covered call: Long stock plus short call.
　　Protective put: Long stock plus long put. Also called portfolio insurance.
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