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

Multiple Choice Questions

1. When can one only sell stock?
(a) When your manager authorizes the sell.
(b) When the company is stable.
(c) When the stock is worth more than paid for.
(d) When there's a willing buyer.

2. What happens when one places an order on Wall Street time wise?
(a) It's never implemented for 24 hours.
(b) It is done instantly.
(c) There is a short lag.
(d) The SCCI has to check it first.

3. On a rising market what should each trade be?
(a) Lower than the last one.
(b) The average of all trades.
(c) Higher than the last one.
(d) The same as the last one.

4. What kind of trading is done at a bucket shop?
(a) Subjective.
(b) Superficial.
(c) Highly technical.
(d) Throw back.

5. After Livingston gets used to Wall Street, how much does he reach at one point in the early part of his career?
(a) $10,000.
(b) A million dollars.
(c) $50,000.
(d) $155000.

6. What does the pattern ignore that can create a problem?
(a) What time of year it is.
(b) Underlying conditions.
(c) Political ramifications.
(d) Brand new public offerings.

7. What does Livingston want to do when he sees the market rallying?
(a) Prove it's only temporary.
(b) Switch to bonds.
(c) Buy a lot of stock.
(d) Not do anything.

8. Why did Livingston stop in New Haven on his way to New York?
(a) To take a job.
(b) To bet in a bucket shop.
(c) To see his brother.
(d) To see his mother.

9. Why does Livingston return to Boston?
(a) His mother is ill.
(b) He's broke and frustrated.
(c) He hates the traffic in New York.
(d) He wants to open a bucket shop.

10. What does Livingston figure out he has to do to make a lot of money?
(a) Trade on broad principles.
(b) Play one stock consistently.
(c) Spread his money around.
(d) Keep his money riding longer.

11. What does the phrase "go short" mean?
(a) To buy any stock within 30 days.
(b) To sell stock.
(c) To wait a short time to sell.
(d) To buy stock that's been on the market a short time.

12. What has happened to Percy recently in the market?
(a) He made millions.
(b) He had withdrawn from the market.
(c) He caused the market to go into a slide.
(d) He lost millions.

13. What does Livingston do at several small alternate exchanges?
(a) Let Roberts handle everything.
(b) Get kicked out.
(c) Lose a lot of money.
(d) Establish accounts.

14. Why does it take Livingston so long to understand how to trade?
(a) He is too confident in his own methods.
(b) He hates to study hard.
(c) He enjoys it so much he doesn't pay attention.
(d) He won't listen to his mentor.

15. What did Livingston do about individual stocks?
(a) Stopped focusing on them.
(b) Made charts of their ups.
(c) Followed them carefully.
(d) Paid absolutely no attention to them.

Short Answer Questions

1. In what does Livingston trade besides stocks?

2. How long does Livingston stay in Boston the second time he goes there?

3. What is an important aspect of trading successfully?

4. How are the quotes for stocks disseminated?

5. Where does Livingston go when he leaves Boston?

(see the answer keys)

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