9. What is the difference between a forward contract and a futures contract?

a. Nothing; they are synonymous.

b. Forward contracts for non-standardized amounts of underlying assets for delivery are not tradable on any exchange, but futures are standardized and tradable.

c. Futures contracts lead to delivery of the underlying commodity if held to completion, but forward contracts only deliver cash-equivalent value.

d. Forward contracts are arranged through banks; futures contracts are arranged through an exchange.

10. Generally speaking, the last day to trade futures contract:

a. Is the first notice day of the underlying futures contract.

b. Is last notice day of the underlying futures contract.

c. is just before the beginning of the delivery window of the futures contract.

d. Coincides with the beginning of the delivery window of the underlying futures e. None of these.