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

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This test consists of 5 multiple choice questions, 5 short answer questions, and 10 short essay questions.

Multiple Choice Questions

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

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

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

4. What was the initial book value of the company that Buffett and his partner acquired in 1964?
(a) $10.67.
(b) $19.46.
(c) $35.00
(d) $47.01.

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

Short Answer Questions

1. Popular theory at the time said that the market was totally efficient at _________ investment.

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

3. What company did Buffett acquire in 1964, which he eventually grew into a large holding company?

4. How many owner-related business principles were listed in this section of the book by Buffett?

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

Short Essay Questions

1. What was the long-term economic goal of the directors investing in the Berkshire company?

2. What was the key principle of Ben Graham that guided the way that Buffett bought other businesses?

3. What was the purpose of the fourteen owner-related business principles that Buffett lists in the book?

4. How did Buffett and Munger buy public companies, according to the book's details?

5. What did Buffett have to say about the idea of annual meetings for shareholders and other business managers?

6. What happened as a result of Buffett and Munger buying their holding companies at a fair rate or buying lesser interest in at the pro-rata price?

7. What were some of the companies included in the purchases of Berkshire Hathaway under Munger and Buffett?

8. What did Buffett and Munger commit to providing to their 300,000 shareholders?

9. Who did Buffett consider to be partners with him in his business, according to the book?

10. What was the concept of fallen angels, according to Buffett's lessons about investing?

(see the answer keys)

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