True or false: The single most important characteristic of an option is the participants are obligated to buy or sell an asset.
True or false: A writer creates the contract, sells it to the buyer, and must fulfill the option contract if it is exercised.
True or false: An option written without the stock to back it up is called a covered option.
True or false: A call option whose strike price exceeds the current stock price is called an out-of-the-money call.
True or false: When the stock price goes up, the exercise value of the option is going up as well. However, the option time value goes down.