breifly explain the answer!

QUESTION 7 Which one of the following is incorrect in the comparisons of Forwards with Futures O Both contracts are binding (ie, both partien must fulfill their obligations) Forward contracts are less standardized then Futures that are traded on exchanges There is usually no cost in signing Forwards but Futures involves maintenance (or margin) requirements O Parties expose to more costs of default risk in Futures than Forwards. Transaction details such as exercise price, maturity date are determined today for both Forwards and Futures. QUESTION 12 Which of the followings is/are correct related to Value-at-Risk? i. The model is simple to implement. ii. With normality assumption, we still need to investigate historical data. iii. It is not totally independent from standard deviation iv. Like other volatility measures, it focuses on losses and gains. O i and if O i and ili O i and iv O i, ii and if O iii and iv