Reminiscences of a Stock Operator Test | Mid-Book Test - Easy

Edwin Lefèvre
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This test consists of 15 multiple choice questions and 5 short answer questions.

Multiple Choice Questions

1. What do the banks ask Livingston to not do during the panic of 1907?
(a) Sell commodities.
(b) Buy mutual funds.
(c) Sell any more stock.
(d) Buy any more stock.

2. What has he regretted ignoring in the past?
(a) His mentor's advice.
(b) Not liking a company.
(c) Strong hunches.
(d) Stocks going down.

3. In what does Livingston trade besides stocks?
(a) Index funds.
(b) Commodities.
(c) Bonds.
(d) Mutual funds.

4. Why does Livingston meet with Percy Thomas?
(a) Percy caused Livingston to lose a lot of money.
(b) Percy was a friend of Livingston's brother.
(c) Percy caused Livingston to make a lot of money.
(d) Thomas asked to meet him and he admires Percy.

5. The price on the stocks in bucket shops is in what according to time?
(a) Several hours old.
(b) Two days old.
(c) Elasped time.
(d) Real time.

6. How does he start out selling Union Pacific?
(a) Shares every other week.
(b) All at once.
(c) Slowly at first.
(d) He talks to the brokage manager.

7. What does Livingston do when the alternate exchanges start to try and manipulate him?
(a) He starts reverse manipulations.
(b) He calls the police.
(c) He buys the exchange.
(d) He quits and goes to New York.

8. Who convinces Livingston that Union Pacific is manipulating him?
(a) His mentor.
(b) The branch manager.
(c) His best friend.
(d) His wife.

9. What does Livingston think is his best guide to trading?
(a) The Fortune 500.
(b) What happens in Washington D.C.
(c) Himself.
(d) Standard and Poor's index of stock.

10. What does Livingston notice not long after selling off his Union Pacific stock?
(a) The company folds.
(b) The stock falls even farther.
(c) The company expands.
(d) The stock begins rising.

11. What is affected the most by timing on Wall Street?
(a) Small trades.
(b) Large trades.
(c) Bonds.
(d) Index funds.

12. What did Livingston do about individual stocks?
(a) Made charts of their ups.
(b) Followed them carefully.
(c) Stopped focusing on them.
(d) Paid absolutely no attention to them.

13. Why is it harder for alternate exchanges to get rid of a customer?
(a) They sign contracts that can't be broken.
(b) They are very poor.
(c) They are regulated by the government.
(d) They have a reputation to uphold.

14. What's the difference between working on the stock exchange and the bucket shops?
(a) Bucket shops require more money.
(b) Bucket shops are run by the mob.
(c) In bucket shops you only bet on a stock; in Wall Street you buy it.
(d) Wall Street requires you to wear a suit and tie.

15. What does Livingston decide from the Union Pacific situation?
(a) To go back to school to learn more.
(b) To only trust himself.
(c) To practice understanding insider actions.
(d) To listen more carefully to his manager.

Short Answer Questions

1. What does the phrase "go short" mean?

2. What does Livingston do with his predictions at first?

3. What kind of trading is done at a bucket shop?

4. What does Livingston want to do when he sees the market rallying?

5. What happens to Livingston when someone buys up all the corn?

(see the answer keys)

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