单选题 A derivative is a security which "derives" its value from another underlying (61) instrument, index, or other investment. Derivatives are available based on the performance of stocks, interest rates, currency exchange rates, as well as (62) contracts and various indexes. Derivatives give the buyer greater leverage for a (63) cost than purchasing the actual underlying instrument to achieve the same position. For this reason, when used properly, they can serve to "hedge" a (64) of securities against losses. However, because derivatives have a date of (65) , the level of risk is greatly increased in relation to their term. One of the simplest forms of a derivative is a stock option. A stock option gives the holder the right to buy or sell the underlying stock at a fixed price for a specified period of time.

单选题 A. bank B. financial C. mathematic D. securities
【正确答案】 B
【答案解析】根据上下文,此处应该填financial金融的,underlying financial instrument意思是相对原生金融工具。
单选题 A. commodities B. cash C. insurance D. futures
【正确答案】 A
【答案解析】衍生工具的获得一般是建立在证券、利率、汇率、商品合同等。所以此处应该填commodities。
单选题 A. higher B. smaller C. lower D. alterable
【正确答案】 C
【答案解析】由上下文可知,此处不可能是higher,应该是低成本购买实际需要的基础工具。低成本用lower cost表示。
单选题 A. investment B. corporation C. portfolio D. management
【正确答案】 C
【答案解析】
单选题 A. commence B. opening C. termination D. expiration
【正确答案】 D
【答案解析】衍生工具有一个截止日期,所以此处选D expiration满期。termination终止。