1. (Circle the answer) The (intrinsic value/time value) of an option would be the value if the option were to be exercised immediately. It is the option's (maximum/minimum) value. 2. (Circle the answer) The (foreign exchange dealer/broker/arbitrageur) is one of the major FX market participants, often function as market makers that maintain an inventory position for currencies. 3. (Circle the answer) Suppose the spot rate is displayed as W1200/. For investors who regard the euro as a home currency, this is a (direct quote/indirect quoteot available), and (European term/American termot available)