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This test consists of 5 short answer questions, 10 short essay questions, and 1 (of 3) essay topics.

Short Answer Questions

1. Buffett and Munger promised to provide sufficient additional _______ to evaluate true results.

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

3. Which state was Buffett worried about in terms of its ability to create good investments for his company?

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

5. Buffett's ______ years of experience cause him to think that efficient times in the market do not constitute an efficient market.

Short Essay Questions

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

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

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

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

5. What happened as the result of Buffett following the advice of Ben Graham and David Dodd?

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

7. Where did Berkshire directors have most of their net worth invested, according to the book?

8. What were two of the benefits of zero-coupon bonds, as listed by Berkshire in their promotions?

9. Whose investing principles guided the Buffett purchase of Washington Post Company?

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

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Buffett and Munger saw the shareholders are partners in the company, not just as those who bought into the company.

Part 1: Do you think all shareholders should be seen as partners in their companies?

Part 2: How can a shareholder influence the way that that a company behaves or reacts in the business market?

Part 3: Why do you think it's necessary for there to be shareholders in modern day companies?

Essay Topic 2

Buffett and Munger wanted fair and accurate reporting from all of their company CEOs at all times.

Part 1: Do you think it's possible to have fair and accurate reporting at all times?

Part 2: Why do you think it's important for CEOs to be accurate in their reporting?

Part 3: How do you think Buffett and Munger handled those CEOs who were not able to report on their company's status?

Essay Topic 3

Buffett and Munger supported acquiring firms only when the added intrinsic value to their market shares.

Part 1: Why do you think Buffett and Munger only wanted to acquire firms that added value?

Part 2: Do you think modern day companies limit the types of companies they acquire?

Part 3: How do you think Berkshire Hathaway might be been different had they simply bought any company that was up for sale?

(see the answer keys)

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