Which of the Following Statements Is True

Which of the following statements is true?

A) When one writes a naked call option it means they do not own shares of the underlying stock.
B) When one writes a naked call option it means they do own shares of the underlying stock.
C) Buying or selling naked options is an example of hedging.
D) Buying or selling naked options is an example of speculation.
E) Both (a) and (d) are true.