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

Multiple Choice Questions

1. Investment banking in America is a long-standing _____.
(a) Oligopoly.
(b) Monarchy.
(c) Partnership.
(d) Dictatorship.

2. What is it called when a trader offloads bonds down a customer's throat for the company's benefit?
(a) Jamming.
(b) Cramming.
(c) Slamming.
(d) Ramming.

3. What is another name for an individual home loan?
(a) A whole loan.
(b) A hammer loan.
(c) A windfall advantage loan.
(d) A window loan.

4. According to one mortgage trader, it is an accepted fact that mortgage traders have _____.
(a) No consciences.
(b) Death wishes.
(c) Fishy eyes.
(d) Iron balls.

5. Mark Smith enters the mortgage department in 1985 and is considered a _____ by the author.
(a) Dark horse.
(b) Spy.
(c) Genius.
(d) Mediator.

6. The market settles on a fair value of CMOs by comparing them with corporate and _____ bonds.
(a) School.
(b) Junk.
(c) Municipal.
(d) Treasury.

7. Ranieri describes Tom Strauss as _____.
(a) A boob.
(b) A clown.
(c) A snake.
(d) A rabid dog.

8. "The opportunist" is sane in every respect except that his _____ was stratospheric.
(a) Accumulated wealth.
(b) Self-loathing.
(c) Self-importance.
(d) Accumulated debt.

9. The author and Alexander orchestrate the a second security after "the opportunist" steals credit for the first involving the interest rate of which country?
(a) Singapore.
(b) Korea.
(c) Japan.
(d) China.

10. In New York, when a trader is starting out, the excitement of being part of the action comes at the price _____.
(a) One's soul.
(b) Freedom.
(c) One's sanity.
(d) A few million dollars.

11. Ronald O. Perelman is a hostile trader who took over which cosmetics company?
(a) L'Oreal.
(b) Revlon.
(c) Smashbox.
(d) Maybelline.

12. Ranieri tells Gutfreund that he is selling the [mortgage bond] technology for a _____.
(a) Pound of flesh.
(b) Good price.
(c) Hill of magic beans.
(d) Stable of horses.

13. Drexel Burnham runs an ad in the Wall Street journal showing two men _____.
(a) At a boxing match.
(b) On a tandem bicycle.
(c) Eating fast food.
(d) Running up a hill.

14. This person is charged with coordinating all deals on the trading floor.
(a) A corporate coordinator.
(b) A portfolio manager.
(c) A money market chairperson.
(d) A syndicate manager.

15. The author considers Bill Voute a _____.
(a) Derelict.
(b) Shyster.
(c) Mystery.
(d) King.

Short Answer Questions

1. What is the name of the standard of one hundred cents on the dollar?

2. What author does the author recommend to his Prussian colleagues?

3. According to the author, what is the rarest and most valuable asset a Wall Street firm can possess?

4. Michael Milken invents the _____.

5. Where does Dash see a painting that he wants?

(see the answer keys)

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