Moneyness refers to whether an option is in the money or out of the money.
|Call Option||Put Option|
|In-the-money||S > X||S < X|
|At-the-money||S = X||S = X|
|Out-of-the-money||S < X||S > X|
Exercise value of an option is the maximum of zero or the amount that the option is in the money.
Time value of an option is the amount by which the option premium exceeds the exercise value.