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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. How does Livingston feel about selling stocks on a payment plan and stock splits?
(a) He thinks they're a great idea.
(b) He thinks you should do them but on a limited basis.
(c) He has no opinion.
(d) He warns against this.

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

3. How does he say one trader made money?
(a) Getting tips from the newspaper.
(b) Getting tips from insiders.
(c) Selling tips to others.
(d) Doing the opposite of any tip.

4. What does an operator tell people when cornering a market?
(a) The price is going to raise.
(b) The price is going to drop.
(c) The price will stay the same.
(d) The operator doesn't usually tell anyone.

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

Short Answer Questions

1. What does everyone finally think about Tropical Trading?

2. In what kind of shape is Imperial Steel?

3. Under what condition does David Williamson offer Livingston a stake?

4. What does Livingston do to retaliate against the insiders?

5. What does Livingston warn about in the beginning of Chapter XV?

Short Essay Questions

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

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

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

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

5. What does Livingston notice about the price of Tropical Trading and what does he do about it?

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

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

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

9. What is one of the primary tools to manipulate a stock?

10. What does Livingston do about all his debt?

(see the answer keys)

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