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

Multiple Choice Questions

1. Why does Livingston take his profit out so fast?
(a) He has to support his family.
(b) He needs the money.
(c) He has a problem with cash flow.
(d) He fears reversal.

2. When should one stay clear of a stock?
(a) When it acts erratically.
(b) During the down season for that business.
(c) Anytime it goes up.
(d) Right after it's public offering.

3. As the market slides, what signs are showing in other financial institutions?
(a) The FDIC is in the red.
(b) The government has taken out more bonds.
(c) Average wages have dropped.
(d) Banks are being affected.

4. What does it take to be one of the best traders?
(a) Knowing when bonds are good.
(b) Knowing when to buy on margin.
(c) Knowing when to borrow money.
(d) Knowing how to use the patterns.

5. Why does Livingston want to sell Union Pacific?
(a) They've been going down.
(b) He doesn't like the owner.
(c) He has a strong hunch.
(d) He never travels by train.

6. Why is Livingston so good at betting?
(a) He can remember the patterns.
(b) He has a good poker face.
(c) He uses only the simple stocks.
(d) He is clairvoyant.

7. Why doesn't Livingston learn the new techniques for betting on Wall Street?
(a) He has to study harder.
(b) He doesn't read well.
(c) He has a night job.
(d) He makes enough to live on.

8. Where does Livingston go when he leaves Boston?
(a) Pittsburgh.
(b) Florida.
(c) Washington D.C.
(d) New York.

9. Where is Livingston trading at the start of Chapter V?
(a) Charles Tantion's.
(b) He's self-employed.
(c) Desmond & Rafferty's.
(d) Fullerton's.

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

11. Who convinces Livingston that Union Pacific is manipulating him?
(a) His mentor.
(b) His best friend.
(c) The branch manager.
(d) His wife.

12. What does Livingston notice not long after selling off his Union Pacific stock?
(a) The company expands.
(b) The company folds.
(c) The stock falls even farther.
(d) The stock begins rising.

13. What is one trait Livingston says a successful stock trader must have?
(a) Confidence.
(b) Control of emotions.
(c) Ability to spend money.
(d) Ability to make friends.

14. What does Roberts suggest to Livingston?
(a) Opening a bucket shop himself.
(b) Betting on corn and wheat.
(c) Going back to school.
(d) Smaller, alternate exchanges.

15. What has he regretted ignoring in the past?
(a) Not liking a company.
(b) Strong hunches.
(c) His mentor's advice.
(d) Stocks going down.

Short Answer Questions

1. How does Livingston portray himself to the small exchanges?

2. When is there a financial panic in 1907?

3. What should one do in a bull market?

4. How much money does Livingston make when he first comes back from St. Louis?

5. What does Livingston hear about a well known cotton trader?

(see the answer keys)

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