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This quiz consists of 5 multiple choice and 5 short answer questions through Part 1: Chapter 3, Transformation.

Multiple Choice Questions

1. Keeping New York office hours, at what time did they begin work in L. A.?
(a) 4:30 a.m.
(b) 7:00 a.m.
(c) 10:00 a.m.
(d) 6:30 a.m.

2. What benefit did Milken arrange for his low grade investment group for the next 14 years?
(a) 35% of the profits
(b) higher salaries and larger offices
(c) extensive paid vacations
(d) half the profits

3. What was the advantage FIFI and other like funds offer?
(a) a higher yield than Treasury bonds
(b) simplicity of buying
(c) more security than Treasury bonds
(d) better availability

4. Why was Drexel Burnham's investment banking business diminished by 1975?
(a) Most of the major customers had fled.
(b) The bigger firms were copying its business model.
(c) Bond prices had risen too high.
(d) It had nothing to sell.

5. What did Milken's involvement in this business do for him personally?
(a) He became very wealthy.
(b) He married a movie star.
(c) He finally gained respect from Burnham.
(d) He was finally able to take the train.

Short Answer Questions

1. What was the Wall Street attitude toward low grade bonds at the time Milken started trading in them?

2. Why did Milken take the bus from New Jersey to Wall Street?

3. Who becomes Milken's ally and public face in 1974?

4. What were Milken's results the first year in his new position at Drexel Burnham?

5. What was Milken's biggest contribution to Drexel in the early years?

(see the answer key)

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