Assume you have accounts receivable in foreign currency. What' the worst that could happen? (i.e., what downside are you hedging against?) The foreign currency could depreciate and you lose when you get the payment in pounds and have to convert it to dollars. Therefore, you want to PUT that foreign currency in someone else's pocket as soon as you get it at today's exchange rate (well, technically at some forward rate but let's not worry about that) and let them take the risk of depreciation by buying a put option.
Assume you have accounts payable in foreign currency. What's the worst that could happen? The foreign currency could appreciate and they you have to pay more dollars to get the pounds to pay your accounts payable. You're going to need pounds to make the payment and you want to CALL those pounds to come to you at their current exchange rate by purchasing a call option.
I doubt you would get a question where the answer is to sell a call or put; you're not a currency trader so you can probably eliminate those answer choices.
If you can't remember a durn thing about this, just remember that Payable begins with PA and Call begins with CA and you never sell these things, only buy.
I turned every call/put MCQ into A/R or A/P situation and drew little T accounts to help think through what I would be hedging against. Most of the questions I ran into were theoretical, not looking for a calculated value, so, if they try to confuse you by giving you yuan figures with lots of trailing zeros, just lop off most of the zeros, or do a hypothetical of 100 yuan.
Are you studying for BEC or FAR? For FAR, remember to use the spot not forward rate to calculate the gain or loss on a forward contract in other comprehensive income for a cash flow hedge. Here's more than you ever need to know on about one page: https://en.wikipedia.org/wiki/Foreign_exchange_hedge
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