11. What are some of the characteristics of an organized securities

exchange?

12. Describe the types of members of the New York Stock Exchange

(NYSE).

13. Why is there a difference between bid and ask prices at some

point in time for a specific security?

14. Describe the differences among the following three types of

orders: market, limit, and stop loss.

15. What is a short sale?

16. Describe buying on margin.

17. What is program trading? 18. Describe several differences between the organized exchanges and the over-the-counter (OTC) market. 19. What factors differentiate a good market from a poor market? 20. A securitys liquidity is affected by what influences?