Final answer:
The correct statement indicating the understanding of telephone prescription guidelines is the one where the nurse repeats the prescription back to the prescriber and documents the conversation to confirm accuracy, which is a best practice in ensuring patient safety.
Step-by-step explanation:
A newly licensed nurse demonstrates an understanding of telephone prescription guidelines if they make a statement confirming the correct process. Among the given options, the statement that indicates an understanding of telephone prescription guidelines is, "I will repeat the prescription back to the prescriber to confirm accuracy and document the conversation, ensuring patient safety." This practice is in line with medical protocols for telephone prescriptions, which aim to minimize errors and ensure patient safety by verifying the order directly with the prescriber. This process also typically involves the prescriber providing a written confirmation later, either by fax or electronic means, but the immediate repetition and confirmation are crucial for accuracy.