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

Multiple Choice Questions

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

2. Who does Livingston say uses tips to no good ends for their customers?
(a) Financial advisors.
(b) Banks.
(c) Retirement funds.
(d) Stock manipulators and promoters.

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

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

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

6. What does he think his debts are doing to his trading?
(a) Causing him to be less objective.
(b) Making it too hard to borrow money.
(c) Making him too cautious.
(d) Making it impossible to play on a margin.

7. What does Livingston believe about this famous stock manipulator?
(a) That he broke the law many times.
(b) That he would be successful anytime.
(c) That he should have been arrested.
(d) That he was a scoundrel.

8. For what was the famous stock manipulator most known?
(a) Manipulation of Bethleham Steel.
(b) Manipulation of U.S. Steel stock prices.
(c) Crashing the market one November.
(d) Causing worthless stock to be bought at outrageous prices.

9. Why doesn't Livingston make any money no matter how hard he tries?
(a) He has lost his enthusiasm.
(b) He has lost the pattern.
(c) Market conditions aren't right.
(d) He had to start with too little.

10. What is one of the forces that can cause a stock spectator's plans to go awry?
(a) Forces inherent in the market.
(b) The government changing regulations.
(c) The trader calling in sick on the best day to sell.
(d) A company collapsing.

11. What is a broker letter?
(a) Letter from brokers to agents.
(b) Letter from insiders to traders.
(c) Letter sent to clients advising them to buy or sell a stock.
(d) Letter from clients to brokers.

12. When is a good time to sell a stock?
(a) When it is dropping.
(b) When the price is rising.
(c) When others are selling.
(d) When it reaches its top price.

13. What does everyone finally think about Tropical Trading?
(a) The stock can't be manipulated.
(b) The parent company is in trouble.
(c) The stock is solid.
(d) The insiders are dishonest.

14. Who does Livingston think benefits most from tips?
(a) Companies.
(b) Traders.
(c) Insiders.
(d) Brokers.

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

Short Answer Questions

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

2. Who offers to buy Livingston's shares of Imperial Steel?

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

4. Why does Livingston say that after 25 years playing the market, it has become more difficult?

5. Where does Livingston go after the dealings with Percy?

(see the answer keys)

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