This mode is great for earning CD's. You'll be shown three tickets, each with a difficulty rating, a cost, and a prize. Harder tickets cost more to attempt but give more and better loot. You won't know exactly what your prize is until you win, but you can get an idea of who it's for by looking at the symbol. (A Triforce means it's equipment or moves for Legend of Zelda characters, for example.)
Highlight a ticket and you'll see any special attributes that ticket has. Watch out for special states, such as higher launch rates for enemies, or heavier fighters.
Not every Master Orders ticket is a fight. Some will be minigames like Home-Run Contest or Target Blast. If you know how to get a high score in those (and you should, because you have this guide), they can be an easy way to clear high level tickets for good prizes.
NEXT: Crazy Orders