1. If you buy a futures contract, which of the following is true?
   1. You are obligated to buy the commodity at the pre-determined price.
   2. You are obligated to sell the commodity at the pre-determined price.
   3. You have an option to buy the commodity at the pre-determined price.
   4. You have an option to sell the commodity at the pre-determined price.

2. If you buy a futures contract for corn, but you do not want to take delivery of the corn, what can you do to get out of the market?

1. You have an option so simply do not exercise it.
2. Sell a futures contract for the same amount of the same commodity. The contracts will cancel each other.
3. There is nothing you can do.

3. What is the size of a futures contract for soybeans?

4. A futures contract for palladium consists of how many Troy ounces of palladium?

5. What is the tick (minimum price fluctuation) for corn futures?