Which of the descriptions of time-related orders is NOT true?
A) A market not held order allows the floor broker to use his judgment as to price and timing of the transaction.
B) An all-or-none order must be filled in full but not immediately.
C) A fill-or-kill order must be executed immediately and the remainder of the shares not sold or purchased is canceled.
D) An immediate-or-cancel order must be executed immediately and the remainder of the shares left unsold, or not purchased, are canceled.
Answer: C) A fill-or-kill order must be executed immediately and the remainder of the shares not sold or purchased is canceled.