When Genius Failed Test | Mid-Book Test - Easy

Roger Lowenstein
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This test consists of 15 multiple choice questions and 5 short answer questions.

Multiple Choice Questions

1. How much did Long-Term earn in its first year of operation?
(a) 5%.
(b) 75%.
(c) 28%.
(d) 10%.

2. Who gains from working with hedge funds?
(a) Managers.
(b) The government.
(c) Impoverished countries.
(d) Women.

3. Who typically invested in hedge funds?
(a) The Federal Reserve.
(b) The general population.
(c) A club of exclusive investors.
(d) Foreign banks.

4. What happened to Meriwether's Treasury bill deal before it was resolved?
(a) Huge gains.
(b) It remained steady.
(c) It fell apart.
(d) Big losses.

5. In 1994, what market did Long-Term begin to express an interest in?
(a) Chicago.
(b) International.
(c) Chinese.
(d) Local.

6. How much did Long-Term plan to take from its profits?
(a) 25%.
(b) 15%.
(c) 10%.
(d) 30%.

7. In the 1970's, what type of trading was considered dull?
(a) Securities.
(b) Bond.
(c) Gasoline.
(d) Corn.

8. Once in business, what did Long-Term have an easy time getting from banks?
(a) Workers.
(b) Personal information.
(c) Endorsements.
(d) Money.

9. In 1996, the first bank Long-Term approached regarding credit deemed Long-Term as what?
(a) A great investment.
(b) Greedy.
(c) Brilliant.
(d) Too risky.

10. In 1994, why did the price of bonds drop?
(a) There was too much wealth in America.
(b) The Fed lowered interest rates.
(c) The Fed raised interest rates.
(d) Property value went down.

11. What did the letter Meriwether sent to his clients claim it was difficult to do with Long-Term?
(a) Lose money.
(b) Get a job.
(c) Make money.
(d) Take legal action.

12. Meriwether was threatened with what, if his Treasury bill deal did not pan out?
(a) Termination.
(b) A lawsuit.
(c) Death.
(d) A promotion.

13. What did Meriwether warn his investors against in 1994?
(a) Not investing enough with Long-Term.
(b) Further growth.
(c) His early retirement.
(d) A repeat performance.

14. What group did Meriwether found in 1977?
(a) The Meegen Group.
(b) The Arbitrage Group.
(c) The Commanders.
(d) Smith & Meriwether Co.

15. Where was Robert C. Merton working when Meriwether hired him?
(a) NASA.
(b) The Federal Exchange Commission.
(c) Harvard.
(d) Wall Street.

Short Answer Questions

1. How much did banks and investors make in conjunction with Long-Term?

2. What financial crisis did Long-Term make it through that most of the market didn't?

3. What is the method of paying a percentage of a bond called?

4. Who ran the London office for Long-Term?

5. Where was David W. Mullins working when Meriwether hired him?

(see the answer keys)

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