What is the fastest way to tell forwards, futures, options, and swaps apart on CFA questions?

Start with rights and obligations. A forward is a customized obligation to transact later. A futures contract is also an obligation, but it is standardized, exchange-traded, and settled daily. An option gives the buyer a right and the seller an obligation. A swap is a series of net exchanges, often between fixed and floating cash flows.

Use this quick map:

Forward: private future obligation
Futures: standardized future obligation with daily settlement
Option: buyer right, seller obligation
Swap: repeated exchange of cash-flow legs

After classification, ask whether the problem wants payoff, value, profit, or a fair price. Most errors happen because candidates skip that second question.