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

Multiple Choice Questions

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

2. What should one decide to do in order to make money?
(a) Hold on to the stock until it starts to drop.
(b) Stay in for the long haul.
(c) Let a financial advisor handle your deals.
(d) Sell when you need money.

3. How old was Livingston when he made his first $1000?
(a) 19.
(b) 17.
(c) 15.
(d) 21.

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(a) He had withdrawn from the market.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

5. What don't the new bucket shops in Boston allow?
(a) Large trades.
(b) More than two people to bet at a time.
(c) Betting on commodoties.
(d) Betting on only one stock.

6. What does experience give a successful stock trader?
(a) Learning.
(b) Friends.
(c) Respect.
(d) A job.

7. Why is Livingston having a hard time increasing his money?
(a) The bucket shops are mostly shut down.
(b) His name is too well known.
(c) He keeps losing his bets.
(d) It's a new game he doesn't know.

8. How does Livingston portray himself to the small exchanges?
(a) Someone who is very knowledgeable.
(b) Someone who is very, very wealthy.
(c) Someone who has never thought about stocks.
(d) Someone who has lost a lot of money on Wall Street.

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

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

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

12. What does Livingston hear about a well known cotton trader?
(a) He has taken a huge loss.
(b) He has made 2 million dollars.
(c) He has switched to soy beans.
(d) He has quit the business.

13. What does Livingston say financial news in the papers is?
(a) Useless.
(b) Very helpful.
(c) Up-to-date.
(d) Retrospective.

14. Where does Livingston get his money to start to recoup his losses?
(a) He gets a regular job.
(b) The president of his brokerage firm.
(c) His father.
(d) His best friend.

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

Short Answer Questions

1. What is one trait Livingston says a successful stock trader must have?

2. Why do the bucket shops begin banning Livingston?

3. The price on the stocks in bucket shops is in what according to time?

4. Why does Livingston keep losing money on stocks?

5. For what does young Livingston have an excellent memory?

(see the answer keys)

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