Foreign Exchange Rate Risk

(1) Is the date of actual transaction the date you buy or sell the contract?
(2) What is the term of transaction to be hedged? Is it from the date of actual transaction to the amount the loan is paid out or the date the money is needed for another project?

I was doing Dec 2013 past papers (Awan) and Pilot paper (Alecto) and Dec 2008 (Phobos)

Your help would be greatly appreciated . Thanks