Project Management & Execution Flashcards
7 cards from real Series 3 – The National Commodities Futures Test practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Project Management & Execution flashcards as text
A customer enters a sell stop order at 80 on corn futures, and the market trades at 80. What happens to the order?
Answer: It becomes a market order and is filled at the next available price
A stop order becomes a market order once the stop price is touched or traded through, so the fill may differ from 80.
The market is at 78 and a customer places a buy market-if-touched (MIT) order at 75. When does the order become active?
Answer: When the market trades at 75
An MIT order becomes a market order when the market touches the specified price, making it the opposite of a stop on the buy side.
What distinguishes a stop-limit order from a plain stop order?
Answer: Once triggered it becomes a limit order, so execution is not guaranteed
Once the stop price is reached, a stop-limit becomes a limit order and may go unfilled if the market moves past the limit.
A fill-or-kill (FOK) order must be handled in which way?
Answer: Executed in its entirety immediately or canceled
FOK requires immediate execution of the whole quantity; otherwise the order is canceled.
Which order remains in force until it is executed or the customer cancels it?
Answer: Good-till-canceled (GTC) order
A GTC order stays working across sessions until filled or canceled, subject to firm or exchange limits.
A trader simultaneously buys July crude oil and sells December crude oil as one order. What is this called?
Answer: A calendar spread order
Buying one delivery month and selling another of the same commodity is an intramarket (calendar) spread.
A day order entered on a futures exchange that is not filled by the end of the session will:
Answer: Expire
Unless otherwise specified, an order is a day order and expires at the end of the trading session.
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Sources & references
Exam facts on this page (fees, format, dates, passing scores) are checked against these official sources; the date is our last check. Editorial policy
- finra.org — Score release, test dates, test delivery, fees, exam format, passing score · verified Oct 2026
- nfa.futures.org — Eligibility, score validity · verified Oct 2026