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This quiz consists of 5 multiple choice and 5 short answer questions through Chapter XX.

Multiple Choice Questions

1. What happens to Livingston when he takes Percy's advice?
(a) He doubles his money.
(b) He didn't take Percy's advice.
(c) He breaks even.
(d) He loses almost everything he has.

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

3. For what was the famous stock manipulator most known?
(a) Manipulation of U.S. Steel stock prices.
(b) Causing worthless stock to be bought at outrageous prices.
(c) Manipulation of Bethleham Steel.
(d) Crashing the market one November.

4. What does Livingston do at several small alternate exchanges?
(a) Lose a lot of money.
(b) Let Roberts handle everything.
(c) Establish accounts.
(d) Get kicked out.

5. What is an important aspect of trading successfully?
(a) Being willing to bet on even odds.
(b) Having good advice.
(c) Having enough money.
(d) Having patience and waiting for the right moment.

Short Answer Questions

1. How does Livingston portray himself to the small exchanges?

2. How does he start out selling Union Pacific?

3. What happens when the market falls steeply in 1906?

4. What does the phrase "go short" mean?

5. What happens shortly after he starts selling Union Pacific stock by the thousands?

(see the answer key)

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