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. How many primary holdings were permanent in the time of Buffett and Munger?
(a) One.
(b) Three.
(c) Four.
(d) Two.

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

3. Who was the financial mentor that Buffett relied upon for his teachings and lessons about the way to do business?
(a) Ben Graham.
(b) Himself.
(c) No one.
(d) Charlie Munger.

4. Buffett disliked _________ because of its leverage, according to the book.
(a) Accounting.
(b) Savings bonds.
(c) Stocks.
(d) Banking.

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

6. How many shareholders did Munger and Buffett pledge to provide fair and simultaneous reporting to?
(a) 15,000.
(b) 50%.
(c) 10.
(d) 300,000.

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

8. The content of the book was often used as a standard text at the Cardozo School of __________.
(a) Business.
(b) Medicine.
(c) Engineering.
(d) Law.

9. _________ percentage ownership was acquired when the market presented opportunities, according to the book.
(a) Greater.
(b) More.
(c) Beholden.
(d) Lesser.

10. What was the name of the bank that had substantial equity interest in Berkshire?
(a) Bank of America.
(b) Wells Fargo.
(c) Chase.
(d) Fifth Third.

11. Buffett managed by ________-related business principles, according to the book.
(a) Math.
(b) Business.
(c) Stock.
(d) Owner.

12. Buffett and Munger saw themselves as general _______ responsible to other shareholders.
(a) Guides.
(b) Managers.
(c) Partners.
(d) Professors.

13. The current value of the company Buffett and his partner bought showed that they understated its current ________ value.
(a) Market.
(b) World.
(c) Business.
(d) Intrinsic.

14. Buffett and Munger also followed the idea of minimal use of _______ and leverage, helping to create solid investments.
(a) Consolidation.
(b) Recovery.
(c) Debt.
(d) Divestment.

15. Essays are from __________ that Buffett prepared for and wrote for Berkshire shareholders.
(a) Annual reports.
(b) Seminars.
(c) Personal notes.
(d) Trainings.

Short Answer Questions

1. What was the name of the bond holdings that Buffett added to Berkshire in 1989?

2. Buffett and his partner preferred to buy a company at a fair price at _______% interest.

3. Who did Buffett authorize to use the essays in the book to popularize the teachings and Buffett's own implementation of the teachings?

4. The partners considered a lesser interest if the ________ price was less than what it would be for 100%.

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

(see the answer keys)

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