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

2. How much was the company worth that Buffett and his partner created at the time of this book?
(a) $10M.
(b) $5M.
(c) $30M.
(d) $70B.

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

4. Buffett noted that a CEO had no direct ______ or clear standards of performance, making even under performing ones able to continue working.
(a) Authority.
(b) Responsibilities.
(c) Supervisor.
(d) Workers.

5. Buffett and Munger promised to provide sufficient additional _______ to evaluate true results.
(a) Information.
(b) Research.
(c) Shareholders.
(d) Funding.

Short Answer Questions

1. Buffett and Munger also followed the idea of minimal use of _______ and leverage, helping to create solid investments.

2. What was the name of Warren Buffett's partner in the company they shared?

3. Which of the partners had 99% of their net worth concentrated in Berkshire stock?

4. When did Berkshire Hathaway begin as a textile company?

5. Alternative investments were considered for __________ high quality investments when a preferable business could not be located.

Short Essay Questions

1. What is the content of this book often used for, according to the author?

2. Who was Mr. Market and where did Mr. Market come from, according to the book?

3. What was the main problem with the idea of efficient market theory, according to Buffett?

4. What was the definition of the idea of risk arbitrage, according to the book?

5. What would business contraction cause, though Buffett says this was also an opportune time for investment?

6. What did Buffett and Munger invest based upon, instead of price quotes?

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

8. 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?

9. What did Buffett and Munger prefer to do when they invested in a company?

10. What were some of the issues that could come up within an annual meeting, which made Buffet want to avoid these meetings?

(see the answer keys)

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