Series 7 Exam Question 208: Answer and Explanation

Question: 208

Which of the following items are required on an order ticket?

I. The time of the order

II. A description of the security (stocks, bonds, symbol, and so on)

III. Whether the registered rep has discretionary authority over the account

IV. The registered rep's identification number

• A. I, III, and IV
• B. I and III only
• C. I, II, and IV
• D. I, II, III, and IV

Correct Answer: D

Explanation:

D. All order tickets need to include the items listed in the question plus the customer's account number; the number of shares or bonds being purchased or sold; whether the customer is buying, selling, or selling short; whether the customer is covered or uncovered (option orders); whether it's a market order, good-till-canceled, and so on.