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This test consists of 5 multiple choice questions, 5 short answer questions, and 10 short essay questions.

Multiple Choice Questions

1. According to Livingston why should no one trade every day?
(a) It cost too much money.
(b) The excitement leads to mistakes.
(c) It's not good for the soul.
(d) It is too tiring.

2. What does Livingston do after he sold all the stock in Union Pacific and after the earthquake?
(a) Went into index funds.
(b) Went into commodoties.
(c) Started buying Union Pacific again.
(d) Bought a lot of mutual funds.

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

4. What should one do in a bull market?
(a) Wait and see.
(b) Buy stock.
(c) Stick with index funds.
(d) Buy one week, sell the next.

5. Who convinces Livingston that Union Pacific is manipulating him?
(a) The branch manager.
(b) His best friend.
(c) His wife.
(d) His mentor.

Short Answer Questions

1. Why did Livingston refuse the offer of partnership with Percy?

2. Where does Livingston go when he leaves Boston?

3. Why is Livingston so good at betting?

4. How much money does Livingston make when he first comes back from St. Louis?

5. Why is it harder for alternate exchanges to get rid of a customer?

Short Essay Questions

1. What happens to Livingston in St. Louis?

2. What job did Livingston have when the book opened and how are stock quotes done?

3. What does Livingston see the market doing, what does he think will happen and what does he do about it?

4. What does Livingston do with Roberts suggestion?

5. Why does Livingston wish he had not listened to his branch manager?

6. What does Livingston say must be available in order to sell a stock and why?

7. What does Livingston do when he can't bet in Boston and how much money does he have?

8. What does Livingston say again about the bucket shops and Wall Street?

9. Why does Livingston return to Boston and what happens when he does?

10. What does Livingston say makes a successful stock trader?

(see the answer keys)

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