1. Part A
   1. Which of the following is not a derivative?
      1. Future
      2. Option
      3. Swap
      4. Broker Deposit
2. Part B
   1. In a perfect hedge the net profit from derivative and cash position
      1. 0
      2. < 0
      3. > 0
      4. = 0
3. Part C
   1. Which of the following is not a step-in hedging?
      1. Monitor market movement daily
      2. Determine when to get out the hedging position
      3. Selective derivative contract
      4. Identify cash position exposure