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1. What are some of the characteristics of an organized securities exchange?

2. Describe the types of members of the New York Stock Exchange (NYSE).

3. Why is there a difference between bid and ask prices at some point in time for a specific security?

4. Describe the differences among the following three types of orders: market, limit, and stop loss.

5. What is a short sale?

6. Describe buying on margin.

7. What is program trading?

8. Describe several differences between the organized exchanges and the over-the-counter (OTC) market.

9. What factors differentiate a good market from a poor market?

10. A security's liquidity is affected by what influences?

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