[Solved] If the price of a stock exceeds the exercise price of a call, the call is said to be: A) naked. B) out of the money. C) in the money. D) covered. Balance Sheet: A financial statement that presents a company's financial position at a specific point in time, detailing assets, liabilities, and shareholders' equity. Assets: Resources owned by a business or individual, which have economic value and can provide future benefits, such as cash, inventory, and property. Liabilities: Financial obligations or debts a company or individual owes to others, which must be settled over time. Federal Tax Requirements: The obligations set by the federal government regarding the filing and payment of taxes by individuals, businesses, and other entities.