1. A CME contract on 125,000 with September delivery

A. is an example of a forward contract.

B. is an example of a futures contract.

C. is an example of a put option.

D. is an example of a call option.

2.Yesterday, you entered into a futures contract to buy 62,500 at $1.50 per . Suppose the futures price closes today at $1.46. How much have you made/lost?

A. Depends on your margin balance.

B. You have made $2,500.00.

C. You have lost $2,500.00.

D. You have neither made nor lost money, yet.

3. In reference to the futures market, a "speculator"

A. attempts to profit from a change in the futures price.

B. wants to avoid price variation by locking in a purchase price of the underlying asset through a long position in the futures contract or a sales price through a short position in the futures contract.

C. stands ready to buy or sell contracts in unlimited quantity.

D. both b and c