Technically not a toaster oven
It does not offer automatic toasting according to the box and the buttons. The store where I worked in the 70s sold these, but not many because it was not a toaster oven. Like so many Toastmaster products, it was well built, but a little out of date for most of today's kitchens. For an efficiency apt & frozen dinners or similar situation, it works, provided you can place it safely away from flamable materials, but the selector buttons do not allow both the bake and broil elements to operate at the same time so toasting would be a manual operation requiring turning the bread to toast both sides. The distance between the elements would not make it a very efficinet toaster anyway, but it has its merits and it sold for more than most toaster ovens back then, so $5 is nothing. It would be good during the summer if you wanted to use it outside to bake something which did not call for critical oven precision or broil something like burgers, fish or chicken. The upside is that both elements are over 1000 watts so it heats relatively fast and can broil most things decently. I would not subject a good steak to it.
This is the deluxe model with top and bottom elements. The cheaper one had one element which broiled when on top. You turned the oven over to bake and whichever operation you wanted had the time/temp chart rightside up while the table for the other operation was beside it, but upside down with the dial in between.
I hope you have fun playing with it.
Tom