What is a call option?

	1.	A call option gives the buyer an obligation to buy the underlying stock at a specified price.
	2.	A call option gives the buyer an obligation to sell the underlying stock at a specified price.
	3.	A call option gives the buyer the right to buy the underlying stock at a specified price.
	4.	A call option gives the buyer the right to sell the underlying stock at a specified price.

What is a put option?

	1.	A put option gives the buyer an obligation to sell the underlying stock at a specified price.
	2.	A put option gives the buyer an obligation to buy the underlying stock at a specified price.
	3.	A put option gives the buyer an option to sell the underlying stock at a specified price.
	4.	A put option gives the buyer an option to buy the underlying stock at a specified price.