FX Math and Cross Rates Quiz
This cross rates quiz tests the arithmetic behind every international payment. Each question gives you a quote and asks for a number; the explanation shows the calculation step by step.
Unless a question says otherwise, currency amounts are rounded to 2 decimal places and FX rates to 4. Keep a calculator handy. A correct answer shows the working; a wrong one is marked incorrect and you can try again. Your score counts first attempts only.
How Well Do You Understand FX Math, Cross Rates, and Currency Conversion?
Unless otherwise stated, round currency amounts to 2 decimal places and FX rates to 4 decimal places.
00 / 10 answeredScore 0
Question 1. EUR/USD is quoted at 1.0875. If a client has US$10,000 and wants to buy EUR, approximately how many euros will they receive before fees?
Question 2. USD/JPY is quoted at 149.25. How many Japanese yen are needed to buy US$20,000 before fees?
Question 3. EUR/USD is 1.0800 and GBP/USD is 1.2500. What is the implied EUR/GBP cross rate?
Question 4. GBP/USD is 1.2650 and USD/JPY is 150.20. What is the implied GBP/JPY cross rate?
Question 5. A bank quotes EUR/USD bid at 1.0850 and ask at 1.0890. What is the spread in pips?
Question 6. A company sends US$50,000 to Mexico. The provider deducts a 0.50% fee before conversion. The remaining USD is converted at USD/MXN 17.2500. How many MXN are delivered?
Question 7. Spot EUR/USD is 1.1000. The 3-month forward points are +25 pips. What is the 3-month forward rate?
Question 8. USD/CAD is quoted at 1.3600. What is the inverse CAD/USD rate?
Question 9. EUR/USD is 1.1000 and USD/CHF is 0.9000. What is the implied EUR/CHF cross rate?
Question 10. AUD/USD is 0.6500 and NZD/USD is 0.5900. What is the implied AUD/NZD cross rate?
What the cross rates quiz covers
Reading base and quote currencies in a pair such as EUR/USD
Converting an amount in either direction
Deriving cross rates by multiplying or dividing two USD pairs
Inverse rates, pips, bid–ask spreads and forward points
Fees deducted before conversion
How to read your score
Your score is the number of questions you answered correctly on the first try, out of 10.
9 or 10: You know this material well. Try a harder quiz in the series, or the FX arithmetic one.
6 to 8: A solid working knowledge with a gap or two. Re-read the explanations for the questions you missed.
3 to 5: The basics are there. The explanations are written to fill exactly these gaps, so take the quiz again tomorrow.
0 to 2: Start with the entry-level quiz and the glossary, then come back to this one.
For the primary source behind several of these questions, see European Central Bank: euro foreign exchange reference rates.
More quizzes and further reading
Ten more quizzes in the series, from entry level to FX arithmetic:
Further reading on this site: