7. A contract made on S&P futures requires the seller to provide what to the buyer on the settlement date?

a. One share or fractional share of stocks in the index per contract for cash paid by the buyer

b. Cash difference of the contract between buy and settlement dates in lieu of the value

c. T-bills equal to the value of the contract between buy and settlement dates in lieu of the value

d. 100 shares of each stock in the index minus cash paid equal to the value of the index at purchase date.

8. Which of the following is NOT a feature of a futures contract?

a. Standardized by a futures exchange.

b. Specifies standards of asset quality and features.

c. Futures value is fixed at the spot price plus a specific interest spread.

d. Specifies the amount of the asset that will be exchanged.