An oil refiner typically buys oil from an exploration company for delivery in 3 months. The refiner would like to fix the price it will pay in 3 months. Which derivative strategy is most appropriate?

		Sell a crude oil futures contract.
		Buy a crude oil futures contract.
		Writer a crude oil put option.
		Buy a crude oil put option.

Under the terms of her option contract, Andrea has assumed the obligation to buy 1000 shares of ABC for $25 per share. She has set aside sufficient funds to pay for the share purchase if she is assigned. Identify the option strategy.

		Naked put option.
		Cash-secured put write.
		Cash-secured call write.
		Covered call option.