Quote from FCC web, http://wireless.fcc.gov/commoperators/t2.html

"Telegraphy Examinations Elements

Element 1 - 16 code groups per minute.

Element 2 - 20 code groups per minute.
Telegraphy exams consist of both transmitting and receiving tests. Examinees
must copy by ear and send by hand plain text and code groups in the
international Morse code using all the letters of the alphabet, numerals
0-9, period, comma, question mark, slant mark, and prosigns AR, BT, and SK.
Examinees must copy and send at the required speeds for one continuous
minute without making any errors. Each test lasts approximately five
minutes. The failing of any code test automatically terminates the
examination.

Code speeds are computed using five letters per word or code group.
Punctuation symbols and numbers count as two letters each.

Examinees may use their own typewriter to copy the 25 words-per-minute
receiving test, but must copy tests at lower speeds by hand. Likewise,
examinees may use their own semi-automatic key to send the 25
word-per-minute sending test, but must send tests at lower speeds using a
hand key.

The Commission will grant credit for Telegraphy Elements 1 and 2 to
applicants who hold an unexpired (or within the grace period) FCC-issued
Amateur Extra Class operator license."