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

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

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

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

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

Short Answer Questions

1. What is a broker letter?

2. What does Livingston say one should do when a stock that's being sold is dropping?

3. How does Livingston start his job with Imperial Steel?

4. What actually happens when Livingston is working under an account at Williamson's?

5. How does Livingston feel about selling stocks on a payment plan and stock splits?

Short Essay Questions

1. Sum up what Livingston says about cornering the market.

2. What does Livingston say about broker letters?

3. What does Livingston do about all his debt?

4. What does Livingston do to keep from being broke again?

5. Why were the three main stock holders of Consolidated Stove angry at Livingston?

6. What happens to Livingston after he follows Percy's advice?

7. What does Livingston warn about various conditions that affect the market?

8. What does Livingston do when he returns to New York?

9. What does Livingston say when people say a stock drops because someone sells it?

10. How does Livingston feel about hunches?

(see the answer keys)

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