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This quiz consists of 5 multiple choice and 5 short answer questions through On the Run.

Multiple Choice Questions

1. Who developed the Black-Scholes model?
(a) Myron Scholes.
(b) David Black.
(c) Jack Salomon.
(d) John Meriwether.

2. In 1994, what market did Long-Term begin to express an interest in?
(a) International.
(b) Chinese.
(c) Local.
(d) Chicago.

3. What did Long-Term do with off-the-run bonds?
(a) Loan them to other firms.
(b) Hold them for profit.
(c) Unload them quickly.
(d) Avoid them.

4. What notable company went bankrupt in the 1970's?
(a) Penn North Distillery.
(b) Penn Coal.
(c) Penn Central Railroad.
(d) Penn Weapons Industry.

5. What group did Meriwether found in 1977?
(a) Smith & Meriwether Co.
(b) The Arbitrage Group.
(c) The Meegen Group.
(d) The Commanders.

Short Answer Questions

1. What was the end result of Meriwether's Treasury bill deal?

2. What hedge fund caused a pound devaluation in Europe but made over a billion dollars?

3. What unusual event happened when Meriwether began working with Treasury futures?

4. What did Long-Term do when IOs started to fall?

5. What type of strategy did Long-Term employ?

(see the answer key)

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