1. The value of a Forward/Future contract at inception (initiation) will be:
   1. equal to Spot
   2. S₀-F₀
   3. F₀-S₀
   4. Zero

2. The price of a Forward/Future contract at expiration should be:
   1. equal to Spot
   2. S₀-F₀
   3. F₀-S₀
   4. Zero

3. Who specifies the terms and conditions in a futures contract?
   1. The Buyer.
   2. The Seller.
   3. The exchange.
   4. The CFTC.
   5. The SEC.

Please provide an explanation to the answer