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3. For currency transactions, the spot exchange rate is the rate _______, and the forward exchange rate is the rate _______.

A. on that day; today

B. at some specified future date; today

C. today; on that date

D. on that date; at some specified future date

4. The first currency mentioned in an FX quote is called the:

A. basis currency

B. base currency

C. root currency

D. terms currency