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Simple English definitions for legal terms
confirmation slip
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A quick definition of confirmation slip:
A confirmation slip is a piece of paper that proves you bought or sold something like a stock or bond. Your broker will usually send it to you in the mail. It's also called a transaction slip or sold note.
A more thorough explanation:
A confirmation slip is a document that verifies the purchase or sale of a security. It is usually sent by the broker to the investor as proof of the transaction.
For example, if an investor buys 100 shares of Apple stock, the broker will send a confirmation slip to the investor to confirm the purchase. The slip will include details such as the number of shares purchased, the price per share, and the total cost of the transaction.
Another example is when an investor sells their shares of a mutual fund. The broker will send a confirmation slip to the investor to confirm the sale. The slip will include details such as the number of shares sold, the price per share, and the total amount received from the sale.
Confirmation slips are important because they provide investors with a record of their transactions. They can be used to verify the accuracy of account statements and to track the performance of investments over time.