The Essays of Warren Buffett: Lessons for Corporate America Test | Final 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. Owners were expected to conclude that retained _______ were better left in the corporation for reinvestment at a higher rate than paid out as dividends.
(a) Values.
(b) Earnings.
(c) Shares.
(d) Losses.

2. The partners were also interested in firms that had extraordinary ________ talent exhibiting skillful executive achievement.
(a) Reports.
(b) Jumps.
(c) Management.
(d) Prices.

3. A company might consider repurchasing _______ when it has available funds that are above long-term needs.
(a) Shares.
(b) Bonds.
(c) Fallen angels.
(d) Bills.

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

5. The Berkshire dividend share of Coca-Cola in 1990 included operating earnings of ___________.
(a) $125M.
(b) $500M.
(c) $100M.
(d) $250M.

Short Answer Questions

1. Information helped investors see the likelihood of a company meeting future __________.

2. Berkshire management's goal was to acquire and to retain high quality __________.

3. Buffett made distinctions in ________ policy to account or differences in earnings, according to the book.

4. What did GAAP stand for, according to the text in the book?

5. Some CEOs think that manipulating __________ could encourage the highest stock price available.

Short Essay Questions

1. What could Berkshire shareholders be assured of, according to Buffett in the book?

2. What did Buffett try to do in order to avoid problems with the two contagious diseases in the investment community?

3. What was the first step in the US Steel fictional accounting process?

4. What threatened the global competitiveness of major American industries, according to the book?

5. What was the expected benefit for the Berkshire NYSE listing, according to the book?

6. What was the result of information that is necessary to report to an investor or shareholder?

7. What was done in order to minimize any loss from accounting adjustments during the US Steel transactions?

8. What were the three main thing that shareholders always knew about Munger and Buffett?

9. What was the strategy that Buffett employed in order to acquire businesses, after learning the lesson from the golf pro?

10. What did Buffett say should happen to some earnings in dividends?

(see the answer keys)

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