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

Multiple Choice Questions

1. What does Livingston say one must be in order to be a good trader?
(a) Intuitive.
(b) Very smart and well educated.
(c) Subjective.
(d) Objective and neutral.

2. What do some people claim about a newspaper article that helped Livingston?
(a) His wife wrote it.
(b) His brother wrote it.
(c) The newspaper interviewed him for it.
(d) He engineered it.

3. What concerns Livingston in 1906?
(a) Whether new regulations will be enacted.
(b) Who will be elected president.
(c) Whether he will ever start a family.
(d) The world economic situation.

4. Where does Livingston go with his $500?
(a) To Atlanta.
(b) To St. Louis.
(c) To Dallas.
(d) To Boston.

5. What does Union Pacific announce that dismays Livingston?
(a) Bankruptcy filings.
(b) Plans for new railroads.
(c) A dividend.
(d) A company reorganization.

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

7. Who does the president of the Stock Exchange and the wealthiest bank go to see?
(a) The President of America.
(b) J. P. Morgan.
(c) John Rockefellow.
(d) The Railroad Union President.

8. How much money does Livingston make when he first comes back from St. Louis?
(a) He loses money.
(b) He gains slowly, but steadily.
(c) He makes a moderate amount of money.
(d) He makes a huge amount of money.

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

10. Why does Livingston keep losing money on stocks?
(a) He plays like it's a game.
(b) He's reacting to price and movement.
(c) He doesn't understand some of the companies.
(d) He gets distracted by numbers.

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

12. How are the quotes for stocks disseminated?
(a) Called out.
(b) Show up on a computer screen.
(c) Sent to brokers by runners.
(d) Called in by phone.

13. Why did Livingston refuse the offer of partnership with Percy?
(a) He doesn't like being involved in cotton.
(b) He works alone.
(c) He thinks Percy is on the illicit side of manipulations.
(d) He didn't like Percy's methods.

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

15. For what does young Livingston have an excellent memory?
(a) People's names.
(b) Numbers.
(c) Languages.
(d) Recipes.

Short Answer Questions

1. Why is it harder for alternate exchanges to get rid of a customer?

2. What should one do in a bull market?

3. What did Livingston do about individual stocks?

4. What does Livingston do after he sold all the stock in Union Pacific and after the earthquake?

5. What does Livingston do when the alternate exchanges start to try and manipulate him?

(see the answer keys)

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