Answer:
A pony trots his way through the world on these.
What jumps when it walks & sits when it stand?
A horrid monster hides from the day, with many legs and many eyes. With silver chains it catches prey. And eats it all before it dies. Yet in every cottage does it stay. And every castle beneath the sky.
What has a horn but does not honk?
My first is twice in apple but not once in tart. My second is in liver but not in heart. My third is in giant and also in ghost. Whole I'm best when I am toast.
Do what he says and you'll be fine, don't and you lose the game.