Index option contracts settle in (A) shares of stock that are included in the index specified. (B) shares of an ETF that mirrors the index specified. (C) cash, with buyers of contracts receiving the market price of the index at the close of trading on the day of exercise. (D) cash, with buyers of contracts receiving the difference between the strike price and the market price of the index at the close of trading on the day of exercise.

In 2017, "a public university was awarded a federal reimbursement grant" of $18 million to carry out research. of this, $12 million was intended to cover direct costs and $6 million to cover overhead. in a particular year, the university incurred $4 million in allowable direct costs and received $3.4 million from the federal government. it expected to incur the remaining costs and collect the remaining balance in 2018. for 2017 it should recognize revenues from the grant of