I. They are among the six basic types of securities orders.
II. They must be executed immediately.
III. They must be executed in their entirety.
IV. Any portion that cannot be executed as soon as the order hits the trading floor is canceled.

A. I and III

B. I and IV

III and IV

II and III

Correct answer: B
Fill-or-kill is a qualifier of a market or limit order; it is distinct from an immediate-or-cancel in that a fill-or-kill must be executed in its entirety.

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