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

Multiple Choice Questions

1. What does the pattern ignore that can create a problem?
(a) Underlying conditions.
(b) What time of year it is.
(c) Political ramifications.
(d) Brand new public offerings.

2. What is Livingston's job at a bucket shop?
(a) Trader.
(b) Runner.
(c) Stock broker.
(d) Quotation boy.

3. What does Livingston think is his best guide to trading?
(a) Himself.
(b) Standard and Poor's index of stock.
(c) What happens in Washington D.C.
(d) The Fortune 500.

4. How much regulation is there in the stock market during Livingston's era?
(a) It has many rules.
(b) The SDIC is watching everyone constantly.
(c) There is a moderate amount.
(d) Very little regulation.

5. What happens when one places an order on Wall Street time wise?
(a) The SCCI has to check it first.
(b) There is a short lag.
(c) It's never implemented for 24 hours.
(d) It is done instantly.

6. Where does Livingston go when he leaves Boston?
(a) New York.
(b) Washington D.C.
(c) Pittsburgh.
(d) Florida.

7. Why did Livingston stop in New Haven on his way to New York?
(a) To take a job.
(b) To bet in a bucket shop.
(c) To see his brother.
(d) To see his mother.

8. What does Livingston hear about a well known cotton trader?
(a) He has switched to soy beans.
(b) He has taken a huge loss.
(c) He has made 2 million dollars.
(d) He has quit the business.

9. What does the phrase "go long" mean?
(a) To buy stock that's been on the market a long time.
(b) To sell any stock within 30 days.
(c) To wait a long time to sell.
(d) To buy stock.

10. How does Livingston portray himself to the small exchanges?
(a) Someone who has never thought about stocks.
(b) Someone who is very, very wealthy.
(c) Someone who has lost a lot of money on Wall Street.
(d) Someone who is very knowledgeable.

11. Why does Livingston keep losing money on stocks?
(a) He's reacting to price and movement.
(b) He plays like it's a game.
(c) He gets distracted by numbers.
(d) He doesn't understand some of the companies.

12. Why can bets be carefully timed in bucket shops?
(a) They can be bought and sold instantly.
(b) There's less people betting.
(c) There's only three stocks involved.
(d) It's carefully controlled by the government.

13. What does Percy believe about the cotton market?
(a) It's an exciting market.
(b) It's very stable.
(c) It's a bear market.
(d) It's a bull market.

14. When should one stay clear of a stock?
(a) Anytime it goes up.
(b) During the down season for that business.
(c) When it acts erratically.
(d) Right after it's public offering.

15. What is happening to wheat prices when Livingston is trading it?
(a) It's declining.
(b) It's staying the same.
(c) It's moving up and down everyday.
(d) It's going up.

Short Answer Questions

1. How old was Livingston when he made his first $1000?

2. What does Livingston do after he sold all the stock in Union Pacific and after the earthquake?

3. Why does Livingston return to Boston?

4. What don't the new bucket shops in Boston allow?

5. According to Livingston why should no one trade every day?

(see the answer keys)

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