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

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

Multiple Choice Questions

1. Buffett and Munger promise to never ________ unless they are selling at a market price well below intrinsic business value.
(a) Liquidate assets.
(b) Lower dividends.
(c) Repurchase shares.
(d) Exchange shares.

2. Two super contagious diseases in the investment world included _______ and greed, according to the book.
(a) Fear.
(b) Pain.
(c) Rationality.
(d) Ignorance.

3. A stock _______ might attractive investors unlike their current investor group which might downgrade the quality of the shares.
(a) Option.
(b) Sale.
(c) Split.
(d) Selloff.

4. Berkshire shareholders can be assured that the company _______ statements are accurate.
(a) Holding.
(b) Financial.
(c) Honor.
(d) Recommended.

5. Buffett and Munger continue to offer _______ for value trade in the acquisition process, as it seems fair to all parties.
(a) Value.
(b) Benefit.
(c) Truth.
(d) Choice.

6. During what year were the Berkshire shares to be traded on the New York Stock Exchange?
(a) 1988.
(b) 1999.
(c) 1975.
(d) 1986.

7. ________ took fictional accounting actions that showed absurd accounting manipulations to let it undersell all competition to dominate the industry.
(a) Pepsi.
(b) GEICO.
(c) Coca-Cola.
(d) US Steel.

8. Options were often ______ at exercise which made them more expensive than publicly traded options.
(a) Re-priced.
(b) Moved.
(c) Undervalued.
(d) Presented.

9. Generally, earnings were reported when classified by a company as more than _______ owned.
(a) 50%.
(b) 99%.
(c) 25%.
(d) 10%.

10. What did GAAP stand for, according to the text in the book?
(a) Generally accepted accounting principles.
(b) Generally agreed accounting principles.
(c) Generally argued accounting principles.
(d) Generally accepted available principles.

11. _______ transactions only allowed stock be paid compared to a purchase in which cash or stock and cash or other valuable consideration may be paid.
(a) Moving.
(b) Static.
(c) Pooling.
(d) Dripping.

12. Buffett preferred to trade a narrow range around _________ business value to favor long-term owners.
(a) Promised.
(b) Market.
(c) Intrinsic.
(d) Guesstimated.

13. Buffett and Munger were often asked to ________ under the assumption it would benefit shareholders, but they disagree.
(a) Keep stock.
(b) Split stock.
(c) Sell stock.
(d) Buy more holdings.

14. Buffett and Munger run the business so that all ___________ gain proportionately.
(a) Shareholders.
(b) Companies.
(c) Lending agencies.
(d) Banks.

15. What is NOT one of the features that Buffett and Munger looked for in acquisition opportunities?
(a) Simple business.
(b) Consistent earnings power.
(c) Management in place.
(d) Good reputation.

Short Answer Questions

1. Munger believed the _________ Berkshire paid to be acceptable for the benefits they received.

2. Buffett was often frustrated with _________, even though it was valuable for business practices.

3. Buffett realized that it was helpful to be _________ when others were fearful in the market.

4. The partners were committed to providing and presenting a _______ business and ownership philosophy.

5. The partners were also interested in firms that had extraordinary ________ talent exhibiting skillful executive achievement.

(see the answer keys)

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