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

Multiple Choice Questions

1. How much debt does the savings and loan companies seem to want to sell in 1981?
(a) One trillion dollars.
(b) Zero.
(c) Fifty billion dollars.
(d) One billion dollars.

2. What is the word that means trading riskily for profit?
(a) Arbitrage.
(b) Selling short.
(c) Arbitration.
(d) Swapping.

3. What author does the author recommend to his Prussian colleagues?
(a) Dale Carnegie.
(b) John Suskind.
(c) Sun-Tzu.
(d) Anthony Robbins.

4. What is the name of the standard of one hundred cents on the dollar?
(a) Whole dividend.
(b) Whole life.
(c) Coupon rate.
(d) Par.

5. Who are the biggest shoppers for mortgage products?
(a) Thrifts.
(b) Foreign investors.
(c) Homeowners.
(d) Government agencies.

6. According to the author, the whole idea of globalization at Salomon Brothers is _____.
(a) A canard.
(b) Somewhat realisitic.
(c) A given.
(d) A relief.

7. What type of communication do the author and Dash launch into at the beginning of the work day?
(a) Slow and deliberate.
(b) Stream of consciousness.
(c) Sign language.
(d) Maniacal.

8. According to the author, even knowledgeable thrift presidents feel they face a choice between rape and _____ when dealing with mortgage traders.
(a) Battery.
(b) Prison.
(c) Slow suicide.
(d) Long-term gains.

9. To create a CMO, hundreds of millions of dollars in ordinary mortgage bonds are placed in a _____.
(a) Certificate of Deposit.
(b) Trust.
(c) Retirement account.
(d) Pension fund.

10. What are the European genus, English species, of slick financial people called?
(a) Donkeys.
(b) Snakes.
(c) Rakes.
(d) Spivs.

11. Where does Dash see a painting that he wants?
(a) The Metropolitan Museum.
(b) Christie's.
(c) Sotheby's
(d) Bonham's.

12. What is the chief occupational hazard of the trading floor?
(a) Hearing loss.
(b) Loss of concentration.
(c) Carpal tunnel.
(d) Burn-out.

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

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

15. Tokyo is seemingly the obvious site for Salomon Brothers' global expansion because of Japan's _____.
(a) Money-making machine.
(b) Trade surplus.
(c) Work ethic.
(d) Financial regulations..

Short Answer Questions

1. What is the name of the Federal Housing Administration's approval to trade in whole loans?

2. What is it called when occupants of an upmarket property buy out the owner-developer who repays his government loan?

3. The pet name that bond traders give to the corporate finance department is _____.

4. A carnival performer who bites the heads off live chickens and snakes is definition of a _____.

5. What is jargon for a gamble that is sure to succeed?

(see the answer keys)

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