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This test consists of 15 multiple choice questions and 5 short answer questions.

Multiple Choice Questions

1. What type of nightmares is the author having at the beginning of "The Art of War"?
(a) Sandlot.
(b) Elementary school.
(c) Trading.
(d) Hotel.

2. What is the expression that describes a customer who has gone under as a result of a trade?
(a) Blown up.
(b) Wiped out.
(c) Excised.
(d) Disintegrated.

3. What type of ideas does Herman want for his investment?
(a) Gut.
(b) Ancient.
(c) Current.
(d) Smart.

4. Salomon Brothers is a ______ from 1910 to 1981.
(a) Corporation.
(b) Sole proprietorship.
(c) Partnership.
(d) Monopoly.

5. What is it called when a trader offloads bonds down a customer's throat for the company's benefit?
(a) Ramming.
(b) Slamming.
(c) Jamming.
(d) Cramming.

6. A guiding principle of Salomon Brothers that Tom Strauss iterates to the author is that customers have _____.
(a) Short memories.
(b) Long options.
(c) Small brains.
(d) Big wallets.

7. What spins out of control at Salomon Brothers in 1987?
(a) New hirings.
(b) Trader's risks.
(c) Costs.
(d) Manager's demans.

8. By getting thrift managers to trade their bonds actively, Ranieri's sales force could transform a shy, nervous thrift president into a _____.
(a) Screaming maniac.
(b) Glutton for food.
(c) Drug addict.
(d) Maniacal gambler.

9. What is the word that means trading riskily for profit?
(a) Arbitration.
(b) Selling short.
(c) Swapping.
(d) Arbitrage.

10. Ranieri describes Tom Strauss as _____.
(a) A clown.
(b) A rabid dog.
(c) A boob.
(d) A snake.

11. Ronald O. Perelman is a hostile trader who took over which cosmetics company?
(a) L'Oreal.
(b) Smashbox.
(c) Revlon.
(d) Maybelline.

12. How much debt does the savings and loan companies seem to want to sell in 1981?
(a) One billion dollars.
(b) Fifty billion dollars.
(c) One trillion dollars.
(d) Zero.

13. What is it called when occupants of an upmarket property buy out the owner-developer who repays his government loan?
(a) A counter weight.
(b) A reversal.
(c) A conversion.
(d) A no-fault loan.

14. Lewis characterizes the sprinting rabbit statue at the new London office as a _____.
(a) Frivolous trinket.
(b) Non sequitur.
(c) Caveat emptor.
(d) Reminder to work hard.

15. What do rating services rely exclusively on to assess a company's creditworthy status?
(a) The future.
(b) The past.
(c) The present.
(d) Its earnings.

Short Answer Questions

1. Ranieri says Bill Voute always has a _____.

2. Which country's interest rate is part of the deal for which "the opportunist" steals credit?

3. What is another name for a call option?

4. Ranieri owns exactly four suits, all of them _____.

5. According to one mortgage trader, it is an accepted fact that mortgage traders have _____.

(see the answer keys)

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