The word sacrament is used specifically and only to refer to Eucharist. The Eucharist (sacrament) is done in regular meeting houses. Is the implication that of the 7 traditional sacraments, the only one recognized by Mormons is the Eucharist?
Any time a person visits the Sunday worship meeting of The Church of Jesus Christ of Latter-day Saints, they go away with a few observations. Preaching doesn't come from a Pastor or Priest, but the general membership. Men or women from the congregation (called a Ward) will get up to the pulpit near where the leadership sits and deliver a talk based on a religious topic. Music used for religious hymns is a mix of traditional Protestant and a few Mormon specific songs, with a single organ for accompaniment. Somewhere between the announcements and the talks will be the blessing of bread and (uniquely) water that Mormons call the Sacrament, but recognizable as a Eucharist.
Other Christian denominations, especially the Catholic Church, recognize a number of Sacraments. There are seven famous ones with the first set as Christian initiation called Baptism, Confirmation, and Eucharist. Mormons also perform these three rites and are of similar function, although the last one is called Sacrament. The other Christian sacraments of Penance, Anointing of the Sick, Holy Orders, and Matrimony can be found in Mormonism with various degrees of importance. The term Mormons would use for the performing of rites and rituals of religious importance would be "ordinances," performed predominantly by those having Priesthood authority. Because males from the age of 14 can be given the Priesthood, they participate in officiating ordinances early. There are some ordinances recognized as salvational and others non-essential.
The first of the saving ordinances is Baptism. It is considered the gate that a person must pass to become a member of the LDS Church and therefore a covenant follower of Jesus Christ. Everyone who wants to eventually enter (or see) the Kingdom of God must first be baptized by both water and fire. This was explained by Jesus to Nicodemus in John 3:5, "Verily, verily, I say unto thee, Except a man be born of water and of the Spirit, he cannot enter into the kingdom of God." This was considered of such importance that Jesus was baptized by John famously known as The Baptist (Matt 3:15), "Suffer it to be so now: for thus it becometh us to fulfill all righteousness." Even though Jesus was a sinless person, he still had to do the ordinance as an example. Afterword Jesus received the Holy Ghost accompanied by the sign of the dove (Matt 3:16), and by implication was prepared to start his mission.
Before a person can be baptized, and that only by those holding the authorized Priesthood of God, they must repent of sins. The requirements can be found in D&C 20:37, as explained:
And again, by way of commandment to the church concerning the manner of baptism—All those who humble themselves before God, and desire to be baptized, and come forth with broken hearts and contrite spirits, and witness before the church that they have truly repented of all their sins, and are willing to take upon them the name of Jesus Christ, having a determination to serve him to the end, and truly manifest by their works that they have received of the Spirit of Christ unto the remission of their sins, shall be received by baptism into his church.
In the Book of Mormon, Mosiah 18:8-10, adds:
8 And it came to pass that he said unto them: Behold, here are the waters of Mormon (for thus were they called) and now, as ye are desirous to come into the fold of God, and to be called his people, and are willing to bear one another’s burdens, that they may be light;
9 Yea, and are willing to mourn with those that mourn; yea, and comfort those that stand in need of comfort, and to stand as witnesses of God at all times and in all things, and in all places that ye may be in, even until death, that ye may be redeemed of God, and be numbered with those of the first resurrection, that ye may have eternal life—
10 Now I say unto you, if this be the desire of your hearts, what have you against being baptized in the name of the Lord, as a witness before him that ye have entered into a covenant with him, that ye will serve him and keep his commandments, that he may pour out his Spirit more abundantly upon you?
Those worthy of baptism must have a spiritual change. They must humble their heart, gain faith in Christ, prepare to serve others, and repent of thoughts, feelings, and actions contrary to the Holy Commandments. The person then becomes worthy of the first and second ordinances of baptism of water and Spirit with the laying on of hands. These ordinances cleanse the participant of spiritual uncleanliness and enter them into a Covenant relationship by taking on the name of Jesus Christ. The Holy Ghost remains with them after ordination unless becoming unworthy of the companionship.
The Sacrament (Eucharist) ties the Atonement of Jesus Christ in with the Covenants made during baptism and confirmation. It acts to renew in our lives the remission of our sins and invitation to have the Holy Ghost remain with us. We must, like baptism, be worthy of partaking of the Sacrament by repenting. Elder David B. Haight of the Quorum of the Twelve Apostles said about the ordinance:
Our most valuable worship experience in the sacrament meeting is the sacred ordinance of the sacrament, for it provides the opportunity to focus our minds and hearts upon the Savior and His sacrifice.
The Apostle Paul warned the early Saints against eating this bread and drinking this cup of the Lord unworthily (see 1 Corinthians 11:27–30).
Our Savior Himself instructed the Nephites, “Whoso eateth and drinketh my flesh and blood unworthily [brings] damnation to his soul” (3 Nephi 18:29).
Worthy partakers of the sacrament are in harmony with the Lord and put themselves under covenant with Him to always remember His sacrifice for the sins of the world, to take upon them the name of Christ, and to always remember Him, and to keep His commandments. The Savior covenants that we who do so shall have His Spirit to be with us and that, if faithful to the end, we may inherit eternal life.
Our Lord revealed to Joseph Smith that “there is no gift greater than the gift of salvation” (D&C 6:13), which plan includes the ordinance of the sacrament as a continuous reminder of the Savior’s atoning sacrifice. He gave instructions that “it is expedient that the church meet together often to partake of bread and wine in the remembrance of the Lord Jesus” (D&C 20:75).
Of course, there are other ordinances that are important to salvation. Those will be talked about later when the subject of the Temple is covered.