ASAP!!!!! 1. venkat Ram purchased a pair of dress shoes in Italy for 131.25. If the spot exchange rate is $1.5621/ what is the dollar cost of the shoes? (Round your answer to two decimal places)? 2. If the foreign exchange rate is the price in foreign currency for a dollar, then the exchange rate quote is called ? A. an asking quote. B. an indirect quote. a cross quote. an American quote. 3. The bid quote represents the rate at which ? A. the dealer will buy domestic currency from you. OB. the dealer will buy foreign currency from you. C. the dealer will sell foreign currency to you. D. the dealer will sell domestic currency to the exchange. 4. The ask quote represents the rate at which ? A. the dealer will buy foreign currency from you. B. the dealer will sell domestic currency to you. OC the dealer will buy domestic currency from the exchange. D. the dealer will sell foreign currency to you. 5. The difference between the forward rate and the spot rate is called the? A. direct quote. B. cross exchange rate. C. indirect quote. D. forward premium or forward discount. 6. Which of the following statements is correct? OA. Forward contracts are used to hedge the risk of a change in the exchange rate. B. Forward contracts do not guarantee the buy or sell price of a currency. C. The forward rate is established at the end of the forward contract. D. None of the above are correct