Opening & closing position of futures and Total payment of options

For futures, what you have written is correct.

For options, although there are three components, the unhedged amount will be hedged using forward rates (if provided) and whether it is added or subtracted depends on the number of contracts. Similarly whether the premium is added or subtracted depends on whether they are put or call options on the contract currency. Also, of course, there will only be a ‘profit’ on the options if they are exercised, but you often have the situation in the exam where they are not exercised.

All of this is explained in detail with examples in our free lectures.

As far as the marking is concerned, that is up to the examiner (look at a few examiners answers to question this because at the end of the answers he provides a marking guide). By far the most important elements to get the marks are showing that you understand what happens if the options are (or are not) exercised, and being able to calculated the premium paid.

I trust that you will be studying using our lecture before starting on your revision kit? (You can’t just study for the exam by using a Revision Kit – it is for practice when you have finished your studying.)