Which of the following correctly describe forward contracts and futures contracts? Forward contracts are private contracts. Futures contracts are standardized contracts. . . I only II only Both I and II Neither I nor II Which of the following is(are) correct? Derivatives can be used to hedge price risk. Derivatives can be used to hedge credit risk. I only! II only Both I and II Neither I nor II . Which of the following is(are) correct? Limits buy orders are orders to buy at a price that is above the current market price Stop sell orders are orders to sell at a price that is above the current market price. . . I only II only Both I and II Neither I nor II Oscar Wire Manufacturing Corp. (Oscar) uses steel in the manufacturing of wires. The company wants to fix the cost of steel to fulfill its need of steel in the coming 2 months. Which of the following should Oscar do to achieve that? Strategy Position Long hedge Long copper futures Long hedge Short copper futures Short hedge Long copper futures Short hedge Short copper futures