1. Which of the following derivative positions requires an initial investment (posting margin is not an investment) to enter the position?

A Long position in an option contract.

B Short position in an option contract.

C Long position in a futures contract.

D Short position in a futures contract.

2. One is defined as “fully insured” for social security benefits (i.e., old age, disability and survivors benefits)

once the person reaches age 62

if the wage earner worked at least six of the last 13 quarters

at an age between 65 and 67 depending on when born

when he or she accumulates 40 quarters of credit, regardless of age