Define: paranoia. When first-year analysts and associates in Credit Suisse First Boston's M&A group came to work last month, they were greeted with an hourlong pop quiz. They were told that the test would gauge their progress and help managers focus future training. But with Wall Street employers sharpening their axes, concern started building that the test would be used to fire people. CSFB officials, however, say the exam has been standard fare, administered in each of the last three years to incoming analysts and associates, shortly after they've finished their training. Managers don't forewarn employees about the quiz for a couple of reasons: It hasn't changed (except for one additional question on merger accounting rules), and the answers are already floating around (CSFB test-takers get to keep the key as a reference guide). Questions range from how to compute discounted cash flows to what time the copy center closes. Extra credit is awarded to anyone who can guess which co-worker scored highest. Still, with job insecurity running high on Wall Street, employees are easily rattled. "You change the coffee you serve, and people think lightning will strike," says Steve Koch, chairman of M&A at CSFB. Next week's test: staying calm.