Reminiscences of a Stock Operator Test | Final 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. Why was Consolidated Stove formed?
(a) In order to sell gas stoves.
(b) To play the market with a company.
(c) So it could be traded on Wall Street.
(d) So the President of the company could retire.

2. What does Livingston say he has to do with a strong urge?
(a) He never has strong urges.
(b) Wait and see.
(c) Take action.
(d) Study the situation before doing anything.

3. What does Livingston notice about the price of Tropical Trading stock?
(a) The price is way down.
(b) The price fluctuates wildly.
(c) The price hasn't changed in four years.
(d) The price has been run up.

4. When does Livingston hate losing money the most?
(a) When he follows someone's tip.
(b) When another trader manipulates him into the loss.
(c) When he needs money for a stake.
(d) When he does everything right.

5. What does Livingston say a trader needs to make a good decision?
(a) To work for a good brokerage firm.
(b) To have good instincts.
(c) To have a lot of money backing him.
(d) To know a stock really well.

6. In what kind of shape is Imperial Steel?
(a) Sound shape.
(b) Very bad shape.
(c) Excellent shape.
(d) It is still growing.

7. What does Livingston do to retaliate against the insiders?
(a) Tells the newspaper it's going under.
(b) Buys all the low priced shares.
(c) Tells all his friends to sell.
(d) Sells a bunch of the parent company stock.

8. Who does Livingston think benefits most from tips?
(a) Traders.
(b) Companies.
(c) Insiders.
(d) Brokers.

9. What does Livingston think one should never feel about the market?
(a) Depression.
(b) Elation.
(c) Anger.
(d) Confidence.

10. What does Livingston say cornering a market can do to a price?
(a) Make the price go down.
(b) Nothing.
(c) Make the price go up.
(d) Influence it.

11. From where does Livingston say urges arise?
(a) Listening to others.
(b) The subconscious.
(c) Reading too many stock reports.
(d) The ego.

12. What does Livingston say a good broker letter should be?
(a) Contain a recent hot tip.
(b) Be deceitful enough to manipulate a client.
(c) Fairly presented and accurately reflect market conditions.
(d) Be brief enough to get someone's interest.

13. What does Livingston do after the Tropical Trading event?
(a) Becomes a stock operator.
(b) Goes back to Boston.
(c) Retires.
(d) Marries.

14. Why does Livingston say certain stock manipulator practices should be banned?
(a) They have resulted in murder.
(b) They hurt the public.
(c) They are too complicated.
(d) They result in stolen money.

15. What actually happens when Livingston is working under an account at Williamson's?
(a) They constantly criticize his work.
(b) They squeeze him for the loan payment.
(c) He makes millions of dollars.
(d) They keep asking him to do favors.

Short Answer Questions

1. Why does Livingston say that after 25 years playing the market, it has become more difficult?

2. When is a good time to sell a stock?

3. What does Livingston say is a good method to make a stock look good?

4. What does everyone finally think about Tropical Trading?

5. How does Livingston drive up the price of Consolidated Stove?

(see the answer keys)

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