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. Some Berkshire insurance subsidiaries used _______ with its greater returns than to use Treasury Bils.
(a) Investment games.
(b) Arbitrage.
(c) Risky stocks.
(d) Mediation.

2. In some cases, the benefits of partial ownership earnings may far outweigh the ________ acquisition cost.
(a) Per-share.
(b) Market.
(c) Value.
(d) Fees and.

3. Below investment grade bonds are generally called ________, since they are able to be transformed.
(a) Caterpillars.
(b) Demons.
(c) Junky bonds.
(d) Fallen angels.

4. What did Berkshire do in the case of the zero-coupon bonds? They deducted ______ with no cash paid out.
(a) Shares.
(b) Interest.
(c) Length of time to cash it out.
(d) Value.

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

6. The intrinsic business value goal was reached by ________, preferably 100% ownership of diverse business firms generating cash and above-average returns on capital.
(a) Direct.
(b) Prominent.
(c) Indirect.
(d) Passive.

7. What was the title of Buffett in relation to his company?
(a) Chairman.
(b) Vice-Chairman.
(c) Owner.
(d) President.

8. How many owner-related business principles were listed in this section of the book by Buffett?
(a) 10.
(b) 7.
(c) 25.
(d) 14.

9. What was coined as the term for the amount of undiscovered embezzlement?
(a) Embezzling.
(b) Bezz.
(c) Bonding.
(d) Bezzle.

10. Buffett and Munger both opposed any selective ________ and predictive growth rates from the CEOs who reported them.
(a) Purchases.
(b) Disclosure.
(c) Strategies.
(d) Truth.

11. What was NOT one of the elements listed in the elements of arbitrage in the book?
(a) Length of time money is committed.
(b) Change a competing event occurs.
(c) Likelihood that money is committed.
(d) Expected internal action.

12. The long-term economic goal was to maximize per-share average annual rate of gain at ______% of the intrinsic business value.
(a) 50.
(b) 20.
(c) 15.
(d) 12.

13. _________ can be foolish, according to the lessons in this chapter, foolhardy even, or just be fooling buyers and sellers.
(a) Buffett.
(b) Smith.
(c) Mr. Big.
(d) Mr. Market.

14. Buffett's long term economic goal was to maximize per share _________ value of Berkshire stock by owning a diversified group of businesses.
(a) True.
(b) Market.
(c) Economic.
(d) Intrinsic.

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

Short Answer Questions

1. The $70B enterprise that Buffett and his partner buy includes GEICO and ________ corporation.

2. The _______ doesn't feel poorer when the embezzler is getting richer.

3. Buffett claimed in the book that most Berkshire shareholders will hang onto their shares for ____________.

4. What is NOT one of the companies listed as having the management requirements that Buffett and Munger want to see?

5. Buffett and Munger saw themselves as general _______ responsible to other shareholders.

(see the answer keys)

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