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

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

2. Many executives argued that the costs of _________ should be ignored because they were hard to value or may harm smaller firms.

3. A purchased firm might have _______ that increases in value over time by the amount of inflation and successful operating results.

4. What was the piece of advice that Buffett took to heart from the athlete?

5. The NYSE listing for Berkshire was thought to reduce _______ for shareholders by ensuring a narrow market maker spread.

Short Essay Questions

1. What question emerged during the merger between Berkshire and Blue Chip in 1983?

2. What did Buffett expect to owners of stock to do when he creates a principle that earnings should be retained to the extent each retained dollar creates at least one dollar of market value for owners?

3. Despite his frustration with the GAAP, what did Buffett come to realize about accounting data?

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

5. To what other experience did Buffett compare the process of acquiring a business?

6. What did Buffett prefer in trading that allowed for more benefits to long-term owners of stock?

7. What was the difference between the purchase and the pooling transaction?

8. What did Buffett want to do with the Berkshire stock on the NYSE?

9. What happened as the result of the fictional accounting actions by US Steel?

10. What was the piece of advice from a golf pro that Buffett takes to heart in his acquisition strategy?

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 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?

Essay Topic 3

Buffett stated that he finds some annual meetings to be useless to those who attend them and to those who run them.

Part 1: Do you think there is value in the annual meetings?

Part 2: Why do you think Buffett believes the annual meetings to be fairly useless?

Part 3: What do you think could be done in order to make annual meetings more useful to those who attend?

(see the answer keys)

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