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This quiz consists of 5 multiple choice and 5 short answer questions through Chapter XXIII.

Multiple Choice Questions

1. What does Livingston believe about the cotton market when he and Percy are discussing it?
(a) It's a bear market.
(b) It's a dull market.
(c) It's too volatile.
(d) It's a bull market.

2. How do some smaller exchanges double their money?
(a) Allowing margin play.
(b) Switching prices at the last minute.
(c) Getting different customers to buy and sell at the same time.
(d) Taking out too much taxes.

3. What does Livingston say when someone asks him for a tip?
(a) He doesn't take or give tips.
(b) He doesn't have time to be bothered.
(c) He ignores the person.
(d) Comments on the general run of the market.

4. How does Livingston drive up the price of Consolidated Stove?
(a) Tells the paper its acquiring another company.
(b) Buys up stock.
(c) Sells stock.
(d) Issues more stock.

5. What mistake was made with Consolidated Stove's initial public offering?
(a) Didn't issue enough stock for the demand.
(b) Timed the IPP for a down market.
(c) Didn't listen to Livinston's advice.
(d) Flooded the market with too much stock.

Short Answer Questions

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

2. How are the quotes for stocks disseminated?

3. Why do the bucket shops begin banning Livingston?

4. Why can bets be carefully timed in bucket shops?

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

(see the answer key)

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