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

Multiple Choice Questions

1. What does any trade do to the price of a stock?
(a) If selling the price goes up.
(b) Affects it.
(c) If buying the price goes down.
(d) Nothing.

2. What happens after Livingston's initial action on behalf of Imperial Steel?
(a) The price slid slightly.
(b) The newspaper reported the company was failing.
(c) Brokers begin buying their stock.
(d) The price bottomed out.

3. What actually happens when Livingston is working under an account at Williamson's?
(a) He makes millions of dollars.
(b) They squeeze him for the loan payment.
(c) They keep asking him to do favors.
(d) They constantly criticize his work.

4. 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's been a large increase in the number of stocks.
(c) Too many new laws.
(d) There are too many brokers.

5. When Livingston is looking at the price of Tropical Trading what is the market doing?
(a) Fluctuating wildly.
(b) Staying the same.
(c) Going down.
(d) Going up.

6. Who offers to buy Livingston's shares of Imperial Steel?
(a) His old partner.
(b) His brother.
(c) A banking concern.
(d) His brokerage firm.

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

8. From where does Livingston say urges arise?
(a) The subconscious.
(b) Listening to others.
(c) Reading too many stock reports.
(d) The ego.

9. What does Livingston say is a good method to make a stock look good?
(a) Sell most of the stock.
(b) Use inside trading.
(c) Buy a lot of that stock.
(d) Buy and sell rapidly.

10. What does Williamson agree to allow Livingston to do?
(a) Open an account with him.
(b) He gives him another stake.
(c) Buy 500 shares of one stock.
(d) Manipulate the price of cotton.

11. What does Livingston say when someone asks him for a tip?
(a) He ignores the person.
(b) Comments on the general run of the market.
(c) He doesn't have time to be bothered.
(d) He doesn't take or give tips.

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

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

14. What does Livingston notice about the price of Tropical Trading stock?
(a) The price is way down.
(b) The price fluctuates wildly.
(c) The price has been run up.
(d) The price hasn't changed in four years.

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

Short Answer Questions

1. What does Livingston believe about this famous stock manipulator?

2. What does Livingston say gives a trader the sense of what to do?

3. What does Livingston do after the Tropical Trading event?

4. What does Livingston do to retaliate against the insiders?

5. To what does Livingston attribute his success?

(see the answer keys)

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