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This test consists of 5 multiple choice questions, 5 short answer questions, and 10 short essay questions.

Multiple Choice Questions

1. What does Union Pacific announce that dismays Livingston?
(a) A company reorganization.
(b) Bankruptcy filings.
(c) A dividend.
(d) Plans for new railroads.

2. What does Livingston want to do when he sees the market rallying?
(a) Not do anything.
(b) Switch to bonds.
(c) Buy a lot of stock.
(d) Prove it's only temporary.

3. Why should a trader start with a small trade?
(a) To see if it's going in the right direction.
(b) So he'll lose less money.
(c) To see what others are doing.
(d) To find out if the stock is viable.

4. What does Livingston do with his predictions at first?
(a) He records them.
(b) He changes them then shows them to others.
(c) He shows them to others.
(d) He only bets a little.

5. What does Livingston say financial news in the papers is?
(a) Very helpful.
(b) Useless.
(c) Retrospective.
(d) Up-to-date.

Short Answer Questions

1. What does it take to be one of the best traders?

2. The price on the stocks in bucket shops is in what according to time?

3. Where is Livingston trading at the start of Chapter V?

4. What kind of trading is done at a bucket shop?

5. Why is corn having a hard time getting to the market?

Short Essay Questions

1. What does Livingston say again about the bucket shops and Wall Street?

2. What do customers in bucket shops do?

3. What concerns Livingston in 1906 and why?

4. How did Livingston make a lot of money in cotton?

5. What does Livingston discuss concerning stocks in Chapter V?

6. How much regulation is there in the stocks in Livingston's era and how did that affect the stocks?

7. What does Livingston see the market doing, what does he think will happen and what does he do about it?

8. What kind of trader does Livingston hear had a bad loss and what does he do about it?

9. What does Livingston believe is his best guide to trading and what does he say a good trader must be?

10. How does LIvingston sell off Union Pacific and why does he do it?

(see the answer keys)

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