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

2. Why does Imperial Steel hire Livingston?
(a) To buy up the free floating shares.
(b) To make its stock more active and sell its shares.
(c) To get the price lowered due to a hostile take-over.
(d) To convince people the company is failing.

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

4. What do the insiders of Tropical Trading do when Livingston goes short?
(a) Ask him to hold on to the stock.
(b) Make the price drop way down.
(c) Run the stock back up.
(d) Put bad articles about him in the newspaper.

5. What does Livingston say a good broker letter should be?
(a) Be brief enough to get someone's interest.
(b) Contain a recent hot tip.
(c) Fairly presented and accurately reflect market conditions.
(d) Be deceitful enough to manipulate a client.

Short Answer Questions

1. Who does Livingston say uses tips to no good ends for their customers?

2. What happens after Livingston's initial action on behalf of Imperial Steel?

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

4. What mistake was made with Consolidated Stove's initial public offering?

5. What does Livingston say cornering a market can do to a price?

Short Essay Questions

1. What does Livingston do about all his debt?

2. What happens when Livingston starts buying up what Imperial Steel stock is on the market.

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

4. What does Livingston say about the press and insider trading?

5. What does Livingston do when insiders in Tropical Trading try to knock him out of the market?

6. Why does Imperial Steel hire Livingston and why do they need him?

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

8. How does Livingston think James R. Keene would do in the market of Livingston's era.

9. What does Livingston say about selling stocks on a payment plan and stock splits?

10. What does Livingston begin to do for a living?

(see the answer keys)

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