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

Multiple Choice Questions

1. What does Livingston do after the Tropical Trading event?
(a) Goes back to Boston.
(b) Becomes a stock operator.
(c) Marries.
(d) Retires.

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

3. What does Livingston say a trader needs to make a good decision?
(a) To have good instincts.
(b) To know a stock really well.
(c) To have a lot of money backing him.
(d) To work for a good brokerage firm.

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

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

6. 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.

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

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

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

10. What happens to Livingston after his dealings with Percy Thomas?
(a) He gets married.
(b) He becomes ill.
(c) Nothing happens to him.
(d) He moves back into oil stock.

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

12. Under what condition does David Williamson offer Livingston a stake?
(a) That he pay 5% interest.
(b) That he open an account with them.
(c) That he pay it back double.
(d) That he remember the firm when dealing.

13. Why does Livingston declare bankruptcy?
(a) To be able to retire.
(b) To clear his record off.
(c) To get rid of two persistent creditors.
(d) To gain money for a stake.

14. Why does Livingston say certain stock manipulator practices should be banned?
(a) They have resulted in murder.
(b) They are too complicated.
(c) They hurt the public.
(d) They result in stolen money.

15. What does Livingston do to retaliate against the insiders?
(a) Tells the newspaper it's going under.
(b) Tells all his friends to sell.
(c) Sells a bunch of the parent company stock.
(d) Buys all the low priced shares.

Short Answer Questions

1. What does everyone finally think about Tropical Trading?

2. What does one have to do with profit on paper?

3. What does Livingston say broker letters can be?

4. Why is Livingston frustrated when he leaves Williamson's?

5. To what does Livingston attribute his success?

(see the answer keys)

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