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

Multiple Choice Questions

1. What does Livingston warn about in the beginning of Chapter XV?
(a) There are some things that can't be anticipated.
(b) Not to stay a trader your whole life.
(c) Not to be greedy.
(d) Not to play the market if you need money.

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

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

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

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

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

7. What does Livingston say he has to do with a strong urge?
(a) Wait and see.
(b) Take action.
(c) He never has strong urges.
(d) Study the situation before doing anything.

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

9. How does Livingston end up in his dealings with Tropical Trading?
(a) He breaks even.
(b) He loses about half of what he put in.
(c) He makes about $50,000.
(d) He makes about a million dollars.

10. 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 it impossible to play on a margin.
(d) Making him too cautious.

11. Why is Livingston frustrated when he leaves Williamson's?
(a) He had to pay Williamson too much interest.
(b) The market is no longer good for making money.
(c) He has no money yet again.
(d) The market is going bull.

12. What does Livingston think one should never feel about the market?
(a) Elation.
(b) Depression.
(c) Anger.
(d) Confidence.

13. Why does Livingston say traders are often vilified in the press and by other traders?
(a) When they make too much money.
(b) When they hold onto food crops.
(c) When they corner a market.
(d) When they sell short and the price drops.

14. Where does Livingston go after the dealings with Percy?
(a) Atlanta.
(b) Boston.
(c) Washington D.C.
(d) Chicago.

15. Who does Livingston say is complicit in insiders' manipulations?
(a) The press.
(b) Stock manipulators.
(c) Companies on the exchange.
(d) Most brokerage firms.

Short Answer Questions

1. What does Livingston say is illegal now?

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

3. What does Livingston say about a drop in a stock price?

4. What does Livingston say is the most important thing?

5. How many people held most of the stock in Consolidated Stove?

(see the answer keys)

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