The Essays of Warren Buffett: Lessons for Corporate America Test | Mid-Book Test - Easy

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

Multiple Choice Questions

1. The margin of ________ was the cornerstone of investment success, according to Graham.
(a) Risk.
(b) Error.
(c) Reward.
(d) Safety.

2. Buffett criticizes __________ market theory as be does not believe it to be a truth.
(a) Effective.
(b) Erasing.
(c) Efficient.
(d) Eradicant.

3. Buffett and Munger invested based on company operating results and not on ____________.
(a) Profit margins.
(b) The stock market.
(c) Shareholder opinion.
(d) Price quotes.

4. What was the name of Warren Buffett's partner in the company they shared?
(a) Bill Gates.
(b) Steve Jobs.
(c) Charlie Munger.
(d) Lloyd Munger.

5. Confusing ________ requirements were offset by the partners' willingness to report look-through earnings.
(a) Tax.
(b) Accounting.
(c) Market.
(d) Stock.

6. Buffett is proud that ____% of the shares outstanding at the end of each year were held by the same shareholders.
(a) 50.
(b) 99.
(c) 90.
(d) 98.

7. Popular theory at the time said that the market was totally efficient at _________ investment.
(a) Value.
(b) Purchasing.
(c) Scattered.
(d) Pricing.

8. What was the title of Buffett's partner in the company they shared?
(a) Vice-Chairman.
(b) CEO.
(c) Vice President.
(d) Chairman.

9. Berkshire might evolve into a _______ form of board situation, upon Buffett's death, according to the book.
(a) Third.
(b) Second.
(c) Dissolved.
(d) Fourth.

10. On the other hand, a zero bond may not require _________, but can be satisfied with pay in kind bonds.
(a) Cashouts.
(b) Legal help.
(c) Interest payments.
(d) Papers.

11. What was the name of the company that Buffett and Munger bought in 1973?
(a) Washington Post.
(b) New York Times.
(c) Florida Gazette.
(d) Chicago Tribune.

12. _________ were often unwilling to discuss the business issues during meetings.
(a) Managers.
(b) Shareholders.
(c) The board members.
(d) The salespeople.

13. The board was ultimately responsible for any _______'s performance in the companies they held.
(a) Market.
(b) Shareholder.
(c) Worker.
(d) CEO.

14. What was the one thing that Munger and Buffett would not address in their question sessions?
(a) Nothing.
(b) Personal business.
(c) Numbers.
(d) Investment strategies.

15. Buffett believed that many annual ________ were a waste of time for the shareholders and the management.
(a) Reports.
(b) Meetings.
(c) Charts.
(d) Updates.

Short Answer Questions

1. Buffett and Munger promised to provide sufficient additional _______ to evaluate true results.

2. What did the zero-coupon bonds not pay to the investor in the end?

3. Preferred stock is considered with _________ that Munger and Buffett like, admire, and trust.

4. Berkshire invested in companies with excellent economic prospects and outstanding __________.

5. The purchase of the company listed in #49 was influenced by whose investing principles?

(see the answer keys)

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