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

Multiple Choice Questions

1. What happens to Livingston after his dealings with Percy Thomas?
(a) Nothing happens to him.
(b) He gets married.
(c) He moves back into oil stock.
(d) He becomes ill.

2. What is one of the forces that can cause a stock spectator's plans to go awry?
(a) Forces inherent in the market.
(b) The government changing regulations.
(c) A company collapsing.
(d) The trader calling in sick on the best day to sell.

3. How was the company Consolidated Stove formed?
(a) Two companies came together.
(b) By a hostile take over.
(c) Combining three other companies.
(d) It was just a regular company named Consolidated Stove.

4. Who does Livingston say is complicit in insiders' manipulations?
(a) Companies on the exchange.
(b) The press.
(c) Stock manipulators.
(d) Most brokerage firms.

5. What does Livingston say about a drop in a stock price?
(a) It only drops as the market is going down.
(b) It wouldn't drop if it weren't justified.
(c) It was too low for buying.
(d) It was too high for buying.

6. What is the stock Livingston buys to restart his career?
(a) Bethlehem Steel.
(b) Winchester guns.
(c) Pullman Railroad.
(d) Standard Oil.

7. What actually happens when Livingston is working under an account at Williamson's?
(a) They squeeze him for the loan payment.
(b) They keep asking him to do favors.
(c) They constantly criticize his work.
(d) He makes millions of dollars.

8. Why is Livingston frustrated when he leaves Williamson's?
(a) The market is no longer good for making money.
(b) The market is going bull.
(c) He had to pay Williamson too much interest.
(d) He has no money yet again.

9. What does any trade do to the price of a stock?
(a) Nothing.
(b) If buying the price goes down.
(c) If selling the price goes up.
(d) Affects it.

10. What does Livingston do to prevent being broke again?
(a) He puts money into annuities.
(b) He puts some of his money in municipal bonds.
(c) He opens a large savings account.
(d) He sends half his money to his brother to hold for him.

11. What happens after Livingston's initial action on behalf of Imperial Steel?
(a) The newspaper reported the company was failing.
(b) The price bottomed out.
(c) The price slid slightly.
(d) Brokers begin buying their stock.

12. What do the insiders of Tropical Trading do when Livingston goes short?
(a) Run the stock back up.
(b) Put bad articles about him in the newspaper.
(c) Ask him to hold on to the stock.
(d) Make the price drop way down.

13. Why was Consolidated Stove formed?
(a) In order to sell gas stoves.
(b) So it could be traded on Wall Street.
(c) So the President of the company could retire.
(d) To play the market with a company.

14. What does Livingston suggest is the reason for urges?
(a) Being fearful.
(b) Human nature.
(c) Being competitive.
(d) Small warnings.

15. What does Livingston notice about the price of Tropical Trading stock?
(a) The price is way down.
(b) The price has been run up.
(c) The price fluctuates wildly.
(d) The price hasn't changed in four years.

Short Answer Questions

1. Who does Livingston say uses tips to no good ends for their customers?

2. Why does Livingston say certain stock manipulator practices should be banned?

3. What does Livingston say a trader needs to make a good decision?

4. What does Livingston warn about in the beginning of Chapter XV?

5. How many people held most of the stock in Consolidated Stove?

(see the answer keys)

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