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. Under what condition does David Williamson offer Livingston a stake?
(a) That he pay 5% interest.
(b) That he remember the firm when dealing.
(c) That he open an account with them.
(d) That he pay it back double.

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

3. What does Livingston do to prevent being broke again?
(a) He puts some of his money in municipal bonds.
(b) He opens a large savings account.
(c) He puts money into annuities.
(d) He sends half his money to his brother to hold for him.

4. What is a broker letter?
(a) Letter sent to clients advising them to buy or sell a stock.
(b) Letter from brokers to agents.
(c) Letter from clients to brokers.
(d) Letter from insiders to traders.

5. How was the company Consolidated Stove formed?
(a) Two companies came together.
(b) It was just a regular company named Consolidated Stove.
(c) Combining three other companies.
(d) By a hostile take over.

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

7. When was the famous stock manipulator active?
(a) About 50 years before Livingston was born.
(b) Early in Livingston's career.
(c) He was active about 25 years before Livingston started.
(d) He started working in the middle of Livingston's career.

8. Why does Imperial Steel hire Livingston?
(a) To buy up the free floating shares.
(b) To get the price lowered due to a hostile take-over.
(c) To convince people the company is failing.
(d) To make its stock more active and sell its shares.

9. What does Livingston say is illegal now?
(a) Buying and selling on the same day.
(b) Many market manipulations.
(c) Using information from the newspaper.
(d) Borrowing money to play the market.

10. What does an operator tell people when cornering a market?
(a) The price will stay the same.
(b) The price is going to drop.
(c) The operator doesn't usually tell anyone.
(d) The price is going to raise.

11. What does Williamson agree to allow Livingston to do?
(a) Open an account with him.
(b) Buy 500 shares of one stock.
(c) He gives him another stake.
(d) Manipulate the price of cotton.

12. What does one have to do with profit on paper?
(a) Convert it to cash.
(b) Don't count it when figuring up your worth.
(c) Ignore it.
(d) Let it sit.

13. When Livingston is looking at the price of Tropical Trading what is the market doing?
(a) Going up.
(b) Staying the same.
(c) Going down.
(d) Fluctuating wildly.

14. Why does Livingston declare bankruptcy?
(a) To clear his record off.
(b) To get rid of two persistent creditors.
(c) To be able to retire.
(d) To gain money for a stake.

15. Who offers to buy Livingston's shares of Imperial Steel?
(a) A banking concern.
(b) His old partner.
(c) His brokerage firm.
(d) His brother.

Short Answer Questions

1. What happens after Livingston's initial action on behalf of Imperial Steel?

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

3. What does Livingston say broker letters can be?

4. How does Livingston feel about selling stocks on a payment plan and stock splits?

5. What is one of the forces that can cause a stock spectator's plans to go awry?

(see the answer keys)

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