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

Multiple Choice Questions

1. What's the difference between working on the stock exchange and the bucket shops?
(a) Bucket shops are run by the mob.
(b) In bucket shops you only bet on a stock; in Wall Street you buy it.
(c) Wall Street requires you to wear a suit and tie.
(d) Bucket shops require more money.

2. What does Livingston do after receiving advice from his manager?
(a) Sells the rest of his Union Pacific stock.
(b) Sells all of his corn.
(c) Buys wheat.
(d) Buys stock in oil.

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

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

5. What does Percy believe about the cotton market?
(a) It's very stable.
(b) It's a bear market.
(c) It's a bull market.
(d) It's an exciting market.

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

7. What does Livingston do about his concerns in 1906?
(a) Sells long.
(b) Buys long.
(c) Sells short.
(d) Buys short.

8. What does Livingston do with his predictions at first?
(a) He shows them to others.
(b) He records them.
(c) He changes them then shows them to others.
(d) He only bets a little.

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

10. How much money did Livingston make on the Union Pacific sell off?
(a) $100,000.
(b) $250,000.
(c) $150,000.
(d) $75,000.

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

12. How does he start out selling Union Pacific?
(a) Shares every other week.
(b) He talks to the brokage manager.
(c) All at once.
(d) Slowly at first.

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

14. What is Livingston's job at a bucket shop?
(a) Runner.
(b) Stock broker.
(c) Quotation boy.
(d) Trader.

15. What does Livingston say to do with anything showing a loss?
(a) Sell it immediately.
(b) Sell it after it moves in either direction.
(c) Buy more of it.
(d) Hold it until it goes up.

Short Answer Questions

1. What do some people claim about a newspaper article that helped Livingston?

2. What happens shortly after he starts selling Union Pacific stock by the thousands?

3. What concerns Livingston in 1906?

4. What should one do in a bull market?

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

(see the answer keys)

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