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. A bond is _______ with regular payment of interest and repayment of principle.
(a) A promise.
(b) Nothing.
(c) A loan.
(d) Debt.

2. Berkshire's board included a controlling ________, in which other board members could persuade others to make changes.
(a) Shareholder.
(b) Outsider.
(c) Competitor.
(d) Owner.

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

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

5. Who did Buffett authorize to use the essays in the book to popularize the teachings and Buffett's own implementation of the teachings?
(a) Cunningham.
(b) Munger.
(c) Smith.
(d) No one.

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

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

8. Keynes stated: "The right method of investment is to put fairly large sums of money into enterprises which one thinks one knows something about and in the ________ of which one thoroughly believes."
(a) Philosophy.
(b) Product.
(c) Intrinsic value.
(d) Management.

9. Which state was Buffett worried about in terms of its ability to create good investments for his company?
(a) Hawaii.
(b) Illinois.
(c) California.
(d) Alabama.

10. The partners considered a lesser interest if the ________ price was less than what it would be for 100%.
(a) Pro-biotic.
(b) Pro-rate.
(c) Pro-management.
(d) Pro-rata.

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

12. A CEO unlikely to dispose of his successful operating business may sell profitable stock investments to redeploy _________.
(a) Dividends.
(b) Interest.
(c) Nothing.
(d) Capital.

13. Which business did Munger and Buffett decide to close, despite their best efforts?
(a) None.
(b) Textile.
(c) GEICO.
(d) Coca-Cola.

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

15. How much profit did the new holding of Berkshire make for Buffett and Munger?
(a) $250M.
(b) $150M.
(c) $100M.
(d) $500M.

Short Answer Questions

1. What were the name of the bonds that Buffett seeks to promote through Berkshire?

2. Some Berkshire insurance subsidiaries used _______ with its greater returns than to use Treasury Bils.

3. Berkshire was a ________ corporation, as it was described in this section of the book.

4. Berkshire's long-term investment strategy to buy and to hold _______ for the long term was something that was comfortable to them.

5. Substantial equity interest was NOT owned by one of the following companies.

(see the answer keys)

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