4. Which of the following are true: a. Every forward contract has a buyer and seller. b. At expiration, the sum of the long and short position is 0 for any spot price. c. The taker of a short position in a forward is obligated to buy at a fixed price in the future. 5. Identify which of the following positions profits when the price of an asset declines over the next 6 months: a. Short-sell the asset now and then close the position in 6 months. b. Take a long position in a 6-month forward on the asset. c. Take a short position in a 6-month forward on the asset. 6. Which of the following are true: a. Zero-coupon bonds can be used to shift a payoff diagram. b. Zero-coupon bonds can be used to shift a profit diagram. c. Cash settlement forwards help reduce transaction costs