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

Multiple Choice Questions

1. How does Livingston drive up the price of Consolidated Stove?
(a) Sells stock.
(b) Tells the paper its acquiring another company.
(c) Issues more stock.
(d) Buys up stock.

2. What has the market done about charlatans since Livingston has been trading?
(a) Nothing.
(b) Weeds them out.
(c) Tells the newspapers what stocks are bad.
(d) Has them arrested.

3. What does Livingston do to prevent being broke again?
(a) He sends half his money to his brother to hold for him.
(b) He puts money into annuities.
(c) He puts some of his money in municipal bonds.
(d) He opens a large savings account.

4. Of whom does Livingston make fun?
(a) Brokage firms.
(b) The press.
(c) Commodity traders.
(d) Traders and the public looking for tips.

5. What is one of the main problems of people paying you to do something on the market?
(a) Buying or selling at a good price.
(b) Getting arrested.
(c) Getting bored.
(d) Making less money.

6. What does one have to do with profit on paper?
(a) Convert it to cash.
(b) Let it sit.
(c) Don't count it when figuring up your worth.
(d) Ignore it.

7. What mistake was made with Consolidated Stove's initial public offering?
(a) Didn't issue enough stock for the demand.
(b) Didn't listen to Livinston's advice.
(c) Flooded the market with too much stock.
(d) Timed the IPP for a down market.

8. What does Livingston say a good broker letter should be?
(a) Be brief enough to get someone's interest.
(b) Fairly presented and accurately reflect market conditions.
(c) Be deceitful enough to manipulate a client.
(d) Contain a recent hot tip.

9. What do the insiders of Tropical Trading do when Livingston goes short?
(a) Ask him to hold on to the stock.
(b) Make the price drop way down.
(c) Put bad articles about him in the newspaper.
(d) Run the stock back up.

10. What does Livingston say is illegal now?
(a) Buying and selling on the same day.
(b) Using information from the newspaper.
(c) Borrowing money to play the market.
(d) Many market manipulations.

11. Why does Livingston say that after 25 years playing the market, it has become more difficult?
(a) The stocks have become too expensive.
(b) There are too many brokers.
(c) There's been a large increase in the number of stocks.
(d) Too many new laws.

12. What does Livingston say cornering a market can do to a price?
(a) Make the price go up.
(b) Nothing.
(c) Make the price go down.
(d) Influence it.

13. What is the stock Livingston buys to restart his career?
(a) Bethlehem Steel.
(b) Standard Oil.
(c) Winchester guns.
(d) Pullman Railroad.

14. Who was a famous stock manipulator Livingston mentions?
(a) Rupert W. Hatfield.
(b) Preston N. Roovelt.
(c) James R. Keene.
(d) Chester Bollocks.

15. What kind of regulation is enacted during war time?
(a) No buying of ammunition companies.
(b) No selling off defense stock.
(c) No buying of government bonds.
(d) No profiteering in war necessities.

Short Answer Questions

1. Why does Imperial Steel hire Livingston?

2. What happens to Livingston after his dealings with Percy Thomas?

3. What does an operator tell people when cornering a market?

4. What does any trade do to the price of a stock?

5. Who does Livingston say uses tips to no good ends for their customers?

(see the answer keys)

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