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This quiz consists of 5 multiple choice and 5 short answer questions through Part 1: Chapter 4, Merge with Mike.

Multiple Choice Questions

1. What was the Wall Street attitude toward low grade bonds at the time Milken started trading in them?
(a) They were unknown to Wall Street.
(b) They were looked down on.
(c) Then were used for scratch paper.
(d) They were used as charitable donations.

2. What was Milken's goal by the early 1970s?
(a) He wanted to own Drexel Burnham.
(b) He wanted low-yield bonds to be its own specialty.
(c) He wanted to have his own firm.
(d) He wanted to move into high-yield bonds.

3. What did Milken's involvement in this business do for him personally?
(a) He became very wealthy.
(b) He was finally able to take the train.
(c) He married a movie star.
(d) He finally gained respect from Burnham.

4. With whom was the firm of Drexel Burnham Lambert identified by the late 1970s?
(a) Michael Milken
(b) Tubby Burnham
(c) Fred Joseph
(d) Ronald Reagan

5. What was the advantage FIFI and other like funds offer?
(a) simplicity of buying
(b) a higher yield than Treasury bonds
(c) more security than Treasury bonds
(d) better availability

Short Answer Questions

1. Why did Drexel have to separate from J. P. Morgan?

2. What commission did Drexel make on these funds?

3. Where did Milken and his wife buy a house?

4. What are REITs?

5. What were Milken's results the first year in his new position at Drexel Burnham?

(see the answer key)

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