Orders and Fills Quiz for Stock Traders

How well do you know what your orders actually do once they reach the market? Several of these give you prices to work through, so keep a calculator handy.

AI-assisted, reviewed by Beth Ruelos →

Questions: 10
Level: Beginner
Time: 5 min

Question 1 of 10

1You own 200 shares and place a sell stop-limit with a stop at 48.00 and a limit at 47.80. The stock closes at 48.60, then opens at 45.00 after news overnight. What happens at the open?

A It sells at the open, somewhere near 45.00 B The stop triggers and a sell limit at 47.80 rests unfilled C The stop never triggers because the open skipped 48.00 D It fills at 47.80, since the limit price is guaranteed

2You buy at 30.00 and set a sell trailing stop with a 1.50 trail. The stock then trades 31.00, 32.40, 31.60, 33.00 and 32.10. Where's the trigger now?

A 30.60 B 30.90 C 30.10 D 31.50

3You join the bid with a buy limit for 100 shares at 25.00, and 1,200 shares are already bid at 25.00 ahead of you. Sellers trade 1,000 shares at 25.00, then the price moves up. How many of your shares fill?

A None, since 200 shares ahead of you were still unfilled B All 100, because the low on the chart touched 25.00 C A share of them, since fills at one price are split by size D All 100, because 1,000 shares traded at your limit price

4You send a buy limit for 1,000 shares marked immediate-or-cancel, and only 300 shares are offered at your limit. What do you end up with?

A Nothing, because the full 1,000 shares were not available B 300 shares, with the other 700 left working until the close C 300 shares, with the other 700 canceled straight away D Nothing yet, as the order waits for 1,000 shares to appear

5Your day limit order to buy 500 shares at 23.40 fills 300 shares, and then the price moves away. What happens to the other 200?

A They are canceled automatically once part of the order fills B They keep working at 23.40 until filled, canceled or expired C They convert to a market order so the full size completes D They go back into the queue behind every newer bid at 23.40

6The quote is 31.20 bid, 31.26 ask, and the chart shows a last trade of 31.22. You send a market buy for 400 shares and it fills at the ask with no price improvement. How much more did you pay than the chart price suggested?

A 16.00 B 24.00 C 12.00 D Nothing, market orders fill at the last trade

7You place a bracket order: buy 400 shares with a limit at 15.00, a stop leg at 14.50 and a target leg at 16.25. What's the target in R, and what's your total planned risk?

A 2R and 200 B 2.5R and 500 C 1.25R and 200 D 2.5R and 200

8Bad news could hit a stock you hold, and if it falls to your exit level you want out at whatever price. Which order fits?

A A stop-limit with the limit equal to the stop price B A sell limit order resting at your exit level C A stop order that becomes a market order D A fill-or-kill sell limit at your exit level

9On Monday you put a protective sell stop under your position and leave the time in force on day. Nothing triggers. What's protecting the position when Tuesday opens?

A The same stop, carried over as a good-til-canceled order B Nothing, because the day stop expired at Monday's close C The same stop, until the broker's cap on open orders D The same stop, moved into the pre-market session

10Your bracket entry for 500 shares fills only 300, and your platform sizes the stop leg to the full 500. What can go wrong if the stop triggers?

A Nothing, since every platform sells only the shares you hold B The stop is canceled and the 300 shares have no protection C The target leg turns into a second stop for the missing 200 D A sell for 500 could exceed your 300, which can open a short

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