Which one of the following terms applies to the value of an option on its expiration date?

Question

Quizplus · Accepted Answer

The intrinsic value of an option is equal to the difference between the strike price and the market price of the underlying asset on the expiration date. This is the value that the option holder will receive if they exercise the option at expiration. The other terms listed (strike price, upper limit, deadline price, and time value) are all relevant to options but do not specifically apply to their value at expiration.

Which One of the Following Terms Applies to the Value