1.For a futures trade:

A)   a single price is determined by supply and demand.

B)   the seller receives the bid price; the buyer pays the ask price.

C)   the buyer pays the bid price; the seller receives the ask price.

D)   the purchase of the asset is at a negotiated price.

2.Which of the following statements about futures and forwards is FALSE?

A)   Futures contracts are highly structured; forward contracts are unique to each transaction.

B)   The buyer of a forward posts a margin directly with the seller.

C)   Futures transactions involve a clearinghouse.

D)   An individual could sell an asset in the future using either a future or a forward contract.

3.Which of the following is a difference between futures and forward contracts? Futures contracts are:

A)   over-the-counter instruments.

B)   less liquid than forward contracts.

C)   standardized.

D)   larger than forward contracts.

4.Which of the following statements about forward contracts and futures contracts is FALSE? Forwards:

A)   are unique contracts, unlike futures.

B)   have no default risk, unlike futures.

C)   are private contracts, unlike futures.

D)   require no up front cash, unlike futures.

5.Madison Bailey recently purchased a futures contract. The transaction did NOT:

A)   take place through a private party.

B)   include a guaranty by a clearinghouse.

C)   use a structured contract.

D)   require a margin deposit.

答案和详解如下：

1.For a futures trade:

A)   a single price is determined by supply and demand.

B)   the seller receives the bid price; the buyer pays the ask price.

C)   the buyer pays the bid price; the seller receives the ask price.

D)   the purchase of the asset is at a negotiated price.

The correct answer was A)

There is no bid/ask spread in futures trades; the price for the trade is determined on the floor of the exchange and is the single price the long will pay the short for the asset at the termination of the contract.

2.Which of the following statements about futures and forwards is FALSE?

A)   Futures contracts are highly structured; forward contracts are unique to each transaction.

B)   The buyer of a forward posts a margin directly with the seller.

C)   Futures transactions involve a clearinghouse.

D)   An individual could sell an asset in the future using either a future or a forward contract.

The correct answer was B)

Although forward contracts are between private parties, no margin is required. The other statements are true. Futures and forwards are both contracts to sell an asset in the future.

3.Which of the following is a difference between futures and forward contracts? Futures contracts are:

A)   over-the-counter instruments.

B)   less liquid than forward contracts.

C)   standardized.

D)   larger than forward contracts.

The correct answer was C)

As opposed to forward contracts, futures contracts are traded over an organized exchange and are standardized in size, maturity, quality of deliverable, etc.

4.Which of the following statements about forward contracts and futures contracts is FALSE? Forwards:

A)   are unique contracts, unlike futures.

B)   have no default risk, unlike futures.

C)   are private contracts, unlike futures.

D)   require no up front cash, unlike futures.

The correct answer was B)

Forwards have default risk because the seller may not deliver and the buyer may not accept delivery.

5.Madison Bailey recently purchased a futures contract. The transaction did NOT:

A)   take place through a private party.

B)   include a guaranty by a clearinghouse.

C)   use a structured contract.

D)   require a margin deposit.

The correct answer was A)

A futures transaction is an exchange-traded contract. A forward contract occurs between private parties. The following table illustrates the differences between forwards and futures:

Forwards	Futures
rivate contracts	Exchange-traded contracts
Unique contracts	Structured contracts
Default Risk	Guaranteed by clearinghouse
No up front cash	Margin Account
Low/no regulation	Regulated