11&12

11. Which of the following statements is/are true? 1. II. III. Futures contain an obligation to buy sell the underlying Futures can have negative intrinsic value Futures can have negative prices I, II, and in b. I only c. II and III d. I and II e. Il only 12. A standard futures contract is for 5,000 troy ounces of silver. The futures price is $25.46/0. I the spot price is $23.61/oz. a. The gain on the futures contract is $750 for the long side b. The loss on the futures contract is $750 for the short side c. The gain or loss is SO d. Both a and b e. Not enough information to tell 13. The daily adjustment to the margin account for a futures contract is called