SIE practice questionhardOrder Types
An investor wants a purchase order to cancel if not executed immediately at the desired price. Which type should they use?
- ADay order
- BMarket order
- CImmediate-or-cancel order✓ Correct answer
- DGood-till-canceled order
Explanation
Why C — Immediate-or-cancel order
Immediate-or-cancel (IOC) orders execute all or part instantly at the specified price; any portion not filled is canceled. Market, day, and GTC orders do not offer this feature.
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