FOREX And Comex Trading Quiz! Trivia

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| By Vinod Mankare
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Vinod Mankare
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Quizzes Created: 4 | Total Attempts: 864
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FOREX And Comex Trading Quiz! Trivia - Quiz


Forex and Comex trading quiz trivia. These two markets differ in what they use to trade, while on is fully focused on currencies the other focuses on trading commodities such as high valued metals. By taking this quiz you will get to test out what you know about these two markets and how to make profits using specific rules. Give it a shot and see what more you might learn!


Questions and Answers
  • 1. 

    What is Forex trading?

    • A.

      Forex trading means one currency bought or sold against another currency.

    • B.

      Forex trading means where currency pairs are traded.

    • C.

      Forex trading means buying or selling currency.

    • D.

      All of the above

    Correct Answer
    D. All of the above
    Explanation
    The correct answer is "All of the above" because Forex trading involves buying or selling one currency against another currency, it also involves trading currency pairs, and it generally refers to the buying or selling of currency in the foreign exchange market.

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  • 2. 

    What is direct currency pairs?

    • A.

      When quoted currency is USD

    • B.

      When base currency is USD

    • C.

      When there is no USD

    • D.

      All of the above

    Correct Answer
    A. When quoted currency is USD
    Explanation
    The correct answer is "When quoted currency is USD". This means that direct currency pairs are those where the currency being quoted is the US dollar. In these pairs, the US dollar is the base currency, and the exchange rate shows how much of the quoted currency is needed to buy one US dollar.

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  • 3. 

    What is Indirect Currency pairs?

    • A.

      When base currency is USD

    • B.

      When base currency is GBP

    • C.

      When quoted currency is USD

    • D.

      None of the above

    Correct Answer
    A. When base currency is USD
    Explanation
    Indirect currency pairs refer to currency pairs where the US dollar (USD) is not the base currency. In this case, the correct answer states that when the base currency is USD, it is considered an indirect currency pair. This means that the USD is the quoted currency, and the exchange rate represents the value of one unit of the base currency in terms of USD.

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  • 4. 

    What is PIP?

    • A.

      Fourth Decimal point in a currency Pair

    • B.

      Third decimal point in a currency Pair

    • C.

      Fifth Decimal in a currency Pair

    • D.

      All of the above

    Correct Answer
    A. Fourth Decimal point in a currency Pair
    Explanation
    PIP stands for "Percentage in Point" and is a unit of measurement used in the forex market to represent the smallest price movement of a currency pair. In most currency pairs, the fourth decimal point represents a PIP. Therefore, the correct answer is "Fourth Decimal point in a currency Pair".

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  • 5. 

    What is a Standard lot size in Spot Forex?

    • A.

      100000

    • B.

      1000

    • C.

      1000000000

    • D.

      10

    Correct Answer
    A. 100000
    Explanation
    A standard lot size in Spot Forex refers to the standardized trading volume of 100,000 units of the base currency. It is the most commonly used lot size in Forex trading and represents a significant position in the market. This size allows traders to have greater control over their trades and manage their risk effectively.

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  • 6. 

    A trader Long 1 Standard Lot of  USD/JPY @122.10 and close position @122.50 Calculate Profit and Loss in USD? 

    • A.

      326.53 $

    • B.

      300 $

    • C.

      250 $

    • D.

      None of the above

    Correct Answer
    A. 326.53 $
    Explanation
    The profit and loss in USD can be calculated by taking the difference between the closing price and the opening price, and then multiplying it by the lot size. In this case, the opening price is 122.10 and the closing price is 122.50. The difference between the two is 0.40. Since the trader is long 1 standard lot, the profit and loss in USD would be 0.40 multiplied by the lot size, which is $100,000. Therefore, the profit and loss in USD would be $40,000.

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  • 7. 

    What is the standard Lot size of Silver COMEX?

    • A.

      3000 Troy Ounce

    • B.

      5000 Troy Ounce

    • C.

      300 Troy Ounce

    • D.

      500000Troy Ounce

    Correct Answer
    B. 5000 Troy Ounce
    Explanation
    The standard lot size of Silver COMEX is 5000 Troy Ounce.

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  • 8. 

    Calculate P&L? Silver 1 Lot buy @15.10 and sold @15.20?

    • A.

      700 USD

    • B.

      500 USD

    • C.

      900 USD

    • D.

      1000USD

    Correct Answer
    B. 500 USD
  • 9. 

    A trader want to trader 20 Lots of EUR/USD pair and margin for 1 lot is 1000 $ how much margin he required to trade 20 Lots?

    • A.

      20000 USD

    • B.

      5000 USD

    • C.

      40000 USD

    • D.

      1000 USD

    Correct Answer
    A. 20000 USD
    Explanation
    To calculate the margin required to trade 20 lots of EUR/USD, we need to multiply the margin for 1 lot (which is $1000) by the number of lots being traded (which is 20). Therefore, the trader would require a margin of $20,000 to trade 20 lots.

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  • 10. 

    One Troy Ounce has how many grams?

    • A.

      31.104 Grams

    • B.

      30.104 Grams

    • C.

      300 Grams

    • D.

      33.104 Grams

    Correct Answer
    A. 31.104 Grams
    Explanation
    One Troy Ounce is equivalent to 31.104 grams. This is a standard conversion used in the measurement of precious metals such as gold and silver.

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  • 11. 

    A trader bought 1 standard Lot of GBP/JPY @ 177.90 and sell @ 178.20 Calculate P&L in USD? USD/JPY = 119.20  

    • A.

      251.67 USD

    • B.

      241.20 USD

    • C.

      351.76 USD

    • D.

      None of the above

    Correct Answer
    A. 251.67 USD
    Explanation
    To calculate the profit or loss in USD, we need to consider the exchange rate between GBP/USD. Since the trader bought GBP/JPY and sold GBP/JPY, we can cancel out the GBP and focus on the JPY/USD exchange rate.

    The trader bought at 177.90 and sold at 178.20, resulting in a gain of 0.30 JPY. To convert this gain into USD, we need to multiply it by the USD/JPY exchange rate, which is 119.20.

    0.30 JPY * 119.20 USD/JPY = 35.76 USD.

    Therefore, the profit or loss in USD is 35.76 USD.

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  • 12. 

    A trader Bought GBP/AUD @ 1.8890   and Sell 1.8940  calculate p&l in USD? AUD/USD = 0.7860 

    • A.

      393 USD

    • B.

      400 USd

    • C.

      500 USD

    • D.

      None of the above

    Correct Answer
    A. 393 USD
    Explanation
    The trader bought GBP/AUD at a rate of 1.8890 and sold it at a rate of 1.8940. To calculate the profit or loss in USD, we need to consider the exchange rate of AUD/USD, which is given as 0.7860.

    First, we calculate the difference between the buying and selling rates of GBP/AUD: 1.8940 - 1.8890 = 0.0050.

    Next, we convert this difference to USD using the AUD/USD exchange rate: 0.0050 * 0.7860 = 0.00393.

    Finally, we convert this amount to USD by multiplying it with the initial buying rate of GBP/AUD: 0.00393 * 1.8890 = 0.00742.

    Therefore, the profit or loss in USD is 0.00742, which is approximately equal to 393 USD.

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  • 13. 

    Trader Bought 2 Standard Lot of Gold Comex @1150 and sold 2 Lots @1154 calculate P& L?

    • A.

      400 $

    • B.

      800 $

    • C.

      700 $

    • D.

      All of the above

    Correct Answer
    B. 800 $
    Explanation
    The trader bought 2 standard lots of Gold Comex at a price of $1150 and sold them at a price of $1154. To calculate the profit or loss, we need to find the difference between the selling price and the buying price. The difference is $1154 - $1150 = $4. Since the trader bought and sold 2 lots, the total profit or loss would be 2 * $4 = $8. Therefore, the correct answer is $800.

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  • 14. 

    Biggest Spot market of the world for  Gold and Silver?

    • A.

      NYMEX

    • B.

      COMEX

    • C.

      UK

    • D.

      INDIA

    Correct Answer
    C. UK
    Explanation
    The correct answer is UK because London is known as the biggest spot market for gold and silver in the world. The London Bullion Market Association (LBMA) sets the global standards for trading and storage of precious metals in the UK, making it a major hub for gold and silver transactions. The London Metal Exchange (LME) also plays a significant role in the trading of metals, including silver. Therefore, the UK is considered the largest spot market for gold and silver globally.

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  • 15. 

    IF a trader trade says I am trading in OTC (half Lot or .50 )of crude oil what will be Lot size for him? 

    • A.

      5 Barrel

    • B.

      50 Barrel

    • C.

      500 Barrel

    • D.

      1000 barrel

    Correct Answer
    C. 500 Barrel
    Explanation
    The lot size for the trader would be 500 barrels. This is because the trader mentions trading in OTC (over-the-counter) crude oil and specifies trading in half a lot or 0.50. Since a standard lot size for crude oil is typically 1000 barrels, half a lot would be 500 barrels.

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  • 16. 

    Main Trade timings of COMEX and NYMEX?

    • A.

      5 PM to 10 PM IST

    • B.

      6 PM to 11.55 PM IST

    • C.

      5 PM to 6 PM IST

    • D.

      5 AM to 11 PM IST

    Correct Answer
    B. 6 PM to 11.55 PM IST
    Explanation
    The main trade timings of COMEX and NYMEX are from 6 PM to 11.55 PM IST. This means that the trading session for these exchanges starts at 6 PM and continues until 11.55 PM in Indian Standard Time. During this time, traders can actively participate in buying and selling commodities listed on COMEX and NYMEX.

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  • 17. 

    Rollover Interest charge in Future Currency Contract when a trader holds an open position more than 24 Hours?

    • A.

      True

    • B.

      False

    Correct Answer
    B. False
    Explanation
    The statement is false because rollover interest charges in future currency contracts are not dependent on the duration of holding an open position. Rollover interest charges are typically incurred when a trader holds a position overnight and the interest rate differential between the two currencies involved in the contract is applied. The duration of holding the position does not determine whether rollover interest charges are applied or not.

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  • 18. 

    IF EUR/USD  pair    BID                  ASK                           1.1200               1.1203    How much is the Spread ?      

    • A.

      30PIPS

    • B.

      3 PIPS

    • C.

      40 PIPS

    • D.

      1 PIPS

    Correct Answer
    B. 3 PIPS
    Explanation
    The spread is the difference between the bid and ask prices of a currency pair. In this case, the bid price is 1.1200 and the ask price is 1.1203. By subtracting the bid price from the ask price, we get a difference of 0.0003, which is equivalent to 3 pips. Therefore, the correct answer is 3 PIPS.

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  • 19. 

    What is the Federal Reserve?

    • A.

      Central Bank of USA

    • B.

      Central Bank of Europe

    • C.

      Central Bank of China

    • D.

      Central bank of Japan

    Correct Answer
    A. Central Bank of USA
    Explanation
    The Federal Reserve is the central bank of the United States. It is responsible for implementing monetary policy, regulating and supervising banks, and maintaining the stability of the financial system. As the central bank, it controls the nation's money supply and interest rates, and plays a crucial role in promoting economic growth and stability.

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Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

  • Current Version
  • Mar 22, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Mar 24, 2015
    Quiz Created by
    Vinod Mankare
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