You purchased one S&P 500 Index futures contract at a price of 950 and closed your position when the index futures was 947,you incurred:

Question

Quizplus · Accepted Answer

The point value of one S&P 500 Index futures contract is $250. To calculate the profit or loss, we need to subtract the entry price from the exit price, then multiply it by the point value. 
Profit/Loss = (Exit Price - Entry Price) x Point Value
Profit/Loss = (947 - 950) x $250
Profit/Loss = -$750
Since the profit/loss is negative, it means that the position incurred a loss of $750.

You Purchased One S&P 500 Index Futures Contract at a Price