Answer: II and IV only

## Explanation Let's analyze each option: **I. Normal Distribution** - Has zero skewness, not positively skewed. **II. Lognormal Distribution** - By definition, lognormal distributions are positively skewed because they are bounded at zero on the left but can extend infinitely to the right. **III. The Returns of Being Short a Put Option** - When short a put, the maximum profit is limited (the premium received) but potential losses can be substantial if the underlying asset price falls significantly. This creates negative skewness, not positive. **IV. The Returns of Being Long a Call Option** - When long a call, the maximum loss is limited (the premium paid) but potential gains can be unlimited if the underlying asset price rises significantly. This creates positive skewness. Therefore, only II (Lognormal Distribution) and IV (Long Call Returns) exhibit positively skewed distributions.

Author: LeetQuiz .