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The exam overview specifies 50 multiple-choice questions, a 1 hour 45 minute time limit, five additional experimental questions, and a minimum passing score of 70%, plus a waiting period for failures. 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Execution for limit orders is uncertain compared with market orders.","https://schema.org",{"og:url":83,"og:type":124,"og:title":65,"og:site_name":95,"og:description":67},"article",{"robots":126,"canonical":83},"index,follow",{"doc_id":128,"site_id":62},390101,1791109266,{"code":4,"msg":5,"data":131},{"doc_id":128,"user_id":132,"nickname":92,"user_avatar":133,"doc_module":4,"category_id":19,"category_name":20,"doc_title":65,"doc_description":67,"doc_content":134,"file_id":135,"file_url":136,"file_type":137,"file_size":138,"view_count":39,"is_deleted":4,"is_public":8,"is_downloadable":8,"audit_status":8,"page_count":139,"language":140,"language_code":63,"site_id":62,"html_lang":63,"table_of_contents":141,"faqs":142,"seo_title":143,"seo_description":67,"update_tm":144,"read_time":145,"preview_page_count":4},3985747858093,"https://ap-avatar.wpscdn.com/davatar_3d24733baf745e90a7e4bdd5f77d97b2","How to Use This Handout  \nAs the instructor presents the material throughout the class , use this Handout to take notes, answer questions, and complete activities. Once the class is complete, this Handout can be used as an ongoing resource.  \nAbout the Series 57 Exam  \n1  \n50 Multiple-Choice Questions  \n2  \nOne Hour and 45 Minutes Allotted to Complete Exam  \n3  \nFive Additional Questions are Included as Experimental (don’t count for or against the score)  \n4  \nMinimum Required Passing Score is 70%  \n5  \n30- , 30- , 180-Day Waiting Period For Failures  \n\n| Function | Percentage of Exam | \\# of Questions |\n| --- | --- | --- |\n| 1. Trading Activities | 82% | 41 |\n| 2. Maintaining Books and Records, Trade Reporting, and Clearance and Settlement | 18% | 9 |\n| Total |  | 50 |\n\n© Copyright 2020 . All Rights Reserved.  \nThe following presentation is owned by Securities Training Corporation and is protected by the United States Copyright Law and applicable international, federal, state, and local laws and treaties. The presentation is made available to you foryour personal, non-commercial use as a study tool to assist you in preparing for the related examination and no other purpose . ALL OTHER RIGHTS ARE EXPRESSLY RESERVED.  \nAny other use by you, including but not limited to, the reproduction, distribution, transmission or sharing of all or any portion of the presentation, without the prior written permission of Securities Training Corporation in each instance, is strictly prohibited.  \nSTC Study Materials  \n8 Chapter Study Manual  \n8 Final Examinations  \n􀂃 55-question comprehensive exams  \n􀂃 Complete explanations provided First attempt  \nSelect “Show Explanations”  \nComplete all exams with explanations shown before beginning the second attempt Second attempt  \nTurn “Show Explanations” Off  \nScores of 80% or higher indicate adequate retention  \nCreate Custom Exams  \nProvides specific support by topic  \nAllows students to focus on areas of weakness  \nChapter 1 – Overview of Markets and Trading  \nTypes of Orders  \n\n| Market Order |  |\n| --- | --- |\n| 􀂃 | Customer wants to buy or sell |\n| 􀂃 | Order is immediately executed at the best price available |\n| 􀂃 | Customer specifies the security and size of the order only |\n| 􀂃 | Execution is certain |\n\n\n| Limit Order |  |\n| --- | --- |\n| 􀂃\u003Cbr>􀂃\u003Cbr>􀂃\u003Cbr>􀂃 | Customer only wants to buy or sell at a set price or better\u003Cbr>Order is only executed if the price can be met Buy limits: at set price or lower\u003Cbr>Sell limits: at set price or higher Customer specifies the security, size, and price Execution is uncertain |\n\nMarket versus Limit Orders  \nTwo-sided  \nquotation:  \n\n| Bid | Ask |\n| --- | --- |\n| 17.05 | 17.15 |\n\nSpread is $.10  \nActively traded stocks tend to have narrow spreads  \nMarket orders are filled immediately at the best price available  \n􀂃 Buy orders pay the Ask (lowest sell order in system)  \n􀂃 Sell orders receive the Bid (highest buy order in the system)  \n􀂃 Market orders cross the spread  \nLimit orders are displayed in price/time priority  \n􀂃 Buy limit orders are displayed as Bids (highest first)  \n􀂃 Sell limit orders are displayed as Ask (lowest first)  \n􀂃 There will be a spread between the highest bid and lowest ask  \nMarket versus Limit Order-Example  \n\n|  | Bid | Ask |  |\n| --- | --- | --- | --- |\n|  | 17.05 | 17.15 |  |\n|  |  |  |  |\n| Scenario 1: |  |  |  |\n| Client enters a buy order at 17. 10:\u003Cbr>􀂃 Order is not filled, but Bid changes to 17.10\u003Cbr>‒ Another client enters an order to buy at the market; filled at Ask of 17.15 ‒ Next client order to sell at market is filled against first client’s Bid at 17.10 |  |  |  |\n|  |  |  |  |\n| Scenario 2: |  |  |  |\n| Client enters a buy order at 17. 10:\u003Cbr>􀂃 Order is not filled, but Bid changes to 17.10\u003Cbr>‒ Another client enters an order to buy at market; filled at Ask of 17.15 ‒ Next client enters order buy at 17. 11; Bid changes to 17.11\u003Cbr>‒ Next order to sell at market is filled at 17.11\u003Cbr>‒ First client’s order is never filled | ","cbCaihp6R2kVS3bU","https://ap.wps.com/l/cbCaihp6R2kVS3bU","pdf",513988,43,"English","# How to Use This Handout\n# About the Series 57 Exam\n## Exam Format and Passing Requirements\n## Study Materials Overview\n# Chapter 1 - Overview of Markets and Trading\n## Types of Orders\n### Market Order\n### Limit Order\n### Market versus Limit Orders\n### Market versus Limit Order Example\n## Stop Orders\n## Activity #1 – Types of Orders\n# Market Makers\n# National Market System (NMS)","[{\"question\":\"How many questions are on the Series 57 exam, and how much time is allowed?\",\"answer\":\"The exam includes 50 multiple-choice questions with 1 hour and 45 minutes allotted to complete it.\"},{\"question\":\"What is the minimum required passing score for the Series 57 exam?\",\"answer\":\"The minimum required passing score is 70%.\"},{\"question\":\"What are the key differences between market orders and limit orders?\",\"answer\":\"Market orders are executed immediately at the best available price, crossing the bid-ask spread, while limit orders execute only at a set price or better and follow price/time priority. Execution for limit orders is uncertain compared with market orders.\"}]","Series 57 Classroom Handout - v07 | PDF",1790329915,108]